San Francisco anticipates APEC summit will boost economy by $53M despite concerns

SAN FRANCISCO – San Francisco is gearing up for the Asia Pacific Economic Cooperation (APEC) summit scheduled to happen next month.

The summit is expected to yield positive economic benefits for the city.

During a press conference on Tuesday, Mayor London Breed highlighted the advantages of hosting the summit in San Francisco. However, there are concerns among some that the conference may cause chaos on the streets.

The APEC summit will attract world leaders and economic partners from 21 countries to San Francisco to address common concerns from November 11 to 17.

Mayor Breed also announced that Graton Resort and Casino is the premier sponsor of the event, contributing over $4.5 million. The city emphasizes that a summit of this magnitude has not been held since San Francisco hosted the establishment of the United Nations in 1945.

“We anticipate almost $53 million into our local economy whether that’s hotel tax revenue, our restaurants, our small businesses,” said Breed. “This is going to be significantly financially impactful for the people here in San Francisco.”

The summit will lead to various changes in the city, including security measures enforced by the federal government, resulting in the temporary closure of travel and transit within designated security zones in SoMa, Nob Hill, and along the Embarcadero.

The Board of Supervisors is considering a resolution to encourage the city to inform and protect those affected by the APEC summit.

Brandon Lee expressed concerns, noting that APEC has had negative effects on indigenous communities, particularly in the Philippines. He worries about the impact of the summit on San Francisco.

“It’s only good for those who are wealthy and elite,” said Lee. “But, bad for people in San Francisco where local businesses, senior citizens, the disabled people will have a difficult time getting around and APEC pushes everyone out.”

City officials acknowledge these concerns and are actively working to inform the public and mitigate potential transit and economic impacts.

“We’re going to do everything we can to address what people’s concerns are. But, make no mistake. This is going to have a significant impact on our economy,” said Breed.

The mayor also acknowledged concerns about street-related issues.

While there are no encampment issues in the areas designated for the summit, people experiencing mental health crises and substance abuse problems occasionally enter these areas. Breed explained that recent legal clarity on the issue of clearing encampments will allow the city to provide housing to those in need, helping to ease the crisis leading up to and during the summit.