Summarize this content to 2000 words in 6 paragraphs in Arabic Unlock the Editor\u2019s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.San Francisco Federal Reserve president and chief executive Mary Daly called on the city\u2019s technology founders to bring their employees back to work amid record-high office vacancies that have helped fuel concerns of an economic \u201cdoom loop\u201d there. \u201cIf you\u2019re the founder of something and you\u2019re part of this, then let\u2019s change it,\u201d Daly said at San Francisco\u2019s Commonwealth Club on Monday. \u201cThis isn\u2019t being done to us, we live in the city and so together we can help.\u201dShe added that regenerating downtown San Francisco would require a \u201cpublic-private partnership, working collectively to make sure that this is a place we want kids to live and other people to come\u201d.\u201cTalk about what you need to fix and encourage your people to come back to work,\u201d Daly said.Office vacancies in San Francisco are the highest of any big US city at 37 per cent, according to property adviser CBRE, mostly due to a coronavirus pandemic-era shift to remote working by tech companies, which for years have powered the city\u2019s economy. The Federal Reserve views the slump in the value of commercial real estate as one of the biggest risks facing the US financial system.San Francisco has also suffered from a decline in tourism and its battle with social issues, such as high rates of homelessness and drug deaths. Those have prompted some retailers, hotels and other businesses to leave the city, and there are fears that the resulting decline in tax revenue could cause an irreversible economic spiral. Efforts to lure workers back have had limited success, with office attendance hovering at between 40 per cent and 45 per cent of pre-pandemic averages since the start of the year, according to city data.\u201cThe question I always get asked is \u2018is San Francisco in a doom loop, is the world over?\u2019\u201d Daly said. \u201cWe\u2019re not there yet, there\u2019s a lot of things we need to do to make this city better and live up to its potential, but I know the spirit is here and it will get done.\u201dDaly said the explosion of artificial intelligence start-ups in San Francisco, which have attracted tens of billions of dollars in funding from big tech groups and venture capitalists, had boosted the city\u2019s commercial real estate market and could improve productivity in the workforce more broadly. Young companies such as OpenAI and Anthropic have taken over swaths of office space in recent months that had been vacated by larger technology companies such as Uber.Daly also sought to quell the notion that the rapid development of AI capabilities would damage the US labour market, calling it a \u201cnatural evolution of the economy\u201d.Speaking on a wide range of topics, Daly took a hawkish stance on inflation and emphasised the US Federal Reserve\u2019s fight to restore price stability without disrupting the economy. \u201cThe bumpiness of inflation this year so far has not inspired confidence. It\u2019s hard to know yet whether we\u2019re on track to get price stability.\u201dThe US Federal Reserve signalled earlier this month that it expected to cut interest rates just once this year, holding borrowing costs at a 23-year high of between 5.25 per cent and 5.5 per cent.<\/p>\n","protected":false},"excerpt":{"rendered":"
Summarize this content to 2000 words in 6 paragraphs in Arabic Unlock the Editor\u2019s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.San Francisco Federal Reserve president and chief executive Mary Daly called on the city\u2019s technology founders to bring their employees back to work amid record-high office<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[63],"tags":[],"class_list":{"0":"post-140131","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-tech"},"_links":{"self":[{"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/posts\/140131","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/comments?post=140131"}],"version-history":[{"count":0,"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/posts\/140131\/revisions"}],"wp:attachment":[{"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/media?parent=140131"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/categories?post=140131"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/tags?post=140131"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}