District 3 city council candidate Lai Hui-shim- Revitalize the economy

With just 17 days until election day, Sharon Lai, the only Chinese American female candidate for San Francisco’s District 3 City Council, spoke exclusively with us on October 18. District 3 encompasses major economic areas including the Financial District, North Beach, and Chinatown, making it a crucial part of the city’s economic landscape. With a solid background in economics and extensive experience in municipal government, Lai emphasized, “Revitalizing the local economy is the key to addressing many challenges and difficulties.”

As the Executive Director of Yes SF, the San Francisco Economic Development Organization under the World Economic Forum, Lai has a clear understanding of the economic struggles currently facing the city. She outlined several solutions aimed at helping businesses, attracting talent, and restoring San Francisco’s vibrancy.

Lai highlighted that high taxation and elevated operating costs have led many businesses to relocate out of San Francisco, particularly affecting the already increasing vacancy rates in the downtown area, which severely impacts the local economy. “We need to create a more business-friendly environment and ensure that operating costs are manageable to retain these companies,” she stated.

In addition to improving the business environment, Lai is particularly focused on attracting tech companies and young professionals back to San Francisco. She pointed out that many tech workers are moving to the Mid-Peninsula or South Bay because they perceive a lack of entertainment and social opportunities in San Francisco. “We need to make our city a place that’s not only suitable for work but is also vibrant and appealing to draw businesses and talent back,” she noted. Furthermore, she believes that reducing the tax burden on industries would help small businesses rapidly recover from the pandemic’s impact, ultimately attracting more tourists and consumers to stimulate economic growth.

Lai is a strong supporter of Proposal M, which aims to significantly raise the tax exemption threshold for small businesses, allowing those with annual revenues under $5 million to be exempt from gross receipts tax. “This reform is crucial for small businesses as it alleviates their financial burden and helps them survive during tough economic times,” she explained.

Additionally, this proposal intends to revise San Francisco’s tax structure to rely more on actual business income rather than solely on the number of local employees. Lai believes this change is not only sensible but will also assist the city in effectively addressing its budget deficit.

As a Chinese American candidate, if elected, Lai would become the first San Francisco City Council member in District 3 fluent in both Cantonese and Mandarin. Her diverse background in municipal departments and international economic development offers her a unique perspective compared to other candidates. She also emphasized the importance of family-friendly policies, aiming to create a better living environment for young families and support multi-generational households.

Lai’s campaign platform is clear and pragmatic, dedicated to tackling San Francisco’s current economic challenges and helping businesses and residents achieve a brighter future. “Only by ensuring that businesses and families can thrive in San Francisco can we truly realize the city’s economic revival,” she asserted.