The leasing incentive program introduces a two-year business tax exemption aimed at attracting new businesses to San Jose's downtown, with long-term growth as the primary goal.
Councilmember Omar Torres emphasized the need for a bustling downtown, stating, 'if we have daytime foot traffic, the small businesses will come' and enhance community life.
Despite potentially losing nearly $1 million annually in taxes and parking revenue, city officials see economic growth from increased daytime employment as a worthy trade-off.
San Jose's downtown has experienced a significant revival in night and weekend foot traffic, credited to the experience economy and a flourishing arts scene.
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