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Moritz and Heyman pledge $150M to remake San Francisco
Michael Moritz and Harriet Heyman offer up to $150 million in matching grants to revive San Francisco, targeting homelessness, small business, and public safety.
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Billionaire venture capitalist Michael Moritz and his wife, Harriet Heyman, are putting up to $150 million toward reshaping San Francisco. The couple said the money will fund projects aimed at reversing the city's decline, including efforts to clean streets, support small businesses, and address homelessness.
The pledge comes as San Francisco struggles with a downtown office vacancy rate above 30% and a reputation for crime and drug use that has driven companies and residents away. Moritz, a former chairman of Sequoia Capital, and Heyman, a novelist, said in a statement that the city's problems are solvable but require private capital to supplement public efforts.
Moritz and Heyman have a history of large donations to San Francisco institutions, including $50 million to the city's public library system and $25 million to the University of California, San Francisco. The new commitment is their largest yet and is structured as a matching grant, meaning the couple will match donations from other philanthropists up to $150 million over five years.