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The Financial District is a neighborhood in San Francisco , California, United States, that serves as its main central business district and had 372,829 jobs according to U.S. census tracts as of 2012-2016. It is home to the city's largest concentration of corporate headquarters, law firms, insurance companies, real estate firms, savings and loan banks, and other financial institutions. Multiple Fortune 500 companies headquartered in San Francisco have their offices in the Financial District, including Wells Fargo , Salesforce , and Gap .

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136-525: San Francisco , officially the City and County of San Francisco , is a commercial, financial , and cultural center within Northern California . With a population of 808,988 residents as of 2023, San Francisco is the fourth-most populous city in the U.S. state of California behind Los Angeles , San Diego , and San Jose . It covers a land area of 46.9 square miles (121 square kilometers) at

272-682: A whaling ship in 1822. In 1825, he married Maria Antonia Martinez, eldest daughter of the Californio Ygnacio Martínez . Yerba Buena began to attract American and European settlers; an 1842 census listed 21 residents (11%) born in the United States or Europe, as well as one Filipino merchant. Following the Bear Flag Revolt in Sonoma and the beginning of the U.S. Conquest of California , American forces from

408-441: A 103-foot (31 m) tall cross built in 1934. Dominating this area is Sutro Tower , a large red and white radio and television transmission tower reaching 1,811 ft (552 m) above sea level. The nearby San Andreas and Hayward Faults are responsible for much earthquake activity, although neither physically passes through the city itself. The San Andreas Fault caused the earthquakes in 1906 and 1989. Minor earthquakes occur on

544-620: A common place to live for people employed in Silicon Valley companies such as Apple and Google . The early 2020s featured an exodus of tech companies from Downtown San Francisco in the wake of the COVID-19 pandemic and struggles with homelessness and public drug use. Although some observers have raised the possibility that office vacancies and declining tax revenues could cause San Francisco to enter an economic doom loop , other sources have refuted this broad-based characterization of

680-725: A country . The OECD also created agencies such as the OECD Development Centre (1961), International Energy Agency (IEA, 1974), and Financial Action Task Force on Money Laundering . The aims of the OECD are stated in Article 1 of the Convention as: Unlike the United Nations' "Organizations," OECD uses the spelling "Organisation" with an "s" in its name, together with a hyphenated "Co-operation". Following

816-650: A cumbersome task. Following several (occasionally unruly) meetings at the Hotel Majestic in Paris, which began in January 1960, a resolution was reached to create a body that would not only solve European and Atlantic economic issues, but also devise policies that could assist less developed countries. This reconstituted organisation would bring the US and Canada, who were already OEEC observers, on board as full members, and

952-654: A discussion on a broad spectrum of thematic issues relevant to the OECD charter, member countries, and non-member countries. Noteworthy meetings include: Exchanges between OECD governments benefit from the information, analysis, and preparation of the OECD Secretariat. The secretariat collects data, monitors trends, and analyses and forecasts economic developments. Under the direction and guidance of member governments, it also researches social changes or evolving patterns in trade, environment, education, agriculture, technology, taxation and other areas. The secretariat

1088-617: A fort on Alcatraz Island to secure San Francisco Bay. San Francisco County was one of the state's 18 original counties established at California statehood in 1850. Until 1856, San Francisco's city limits extended west to Divisadero Street and Castro Street, and south to 20th Street. In 1856, the California state government divided the county. A straight line was then drawn across the tip of the San Francisco Peninsula just north of San Bruno Mountain . Everything south of

1224-501: A framework for negotiations aimed at setting up a European Free Trade Area , to bring the EEC's Inner Six and other OEEC members together on a multilateral basis. In 1958, a European Nuclear Energy Agency was set up in response to Euratom. By this time, some leading countries felt that the OEEC had outlived its purpose but could be adapted to fulfil a more global mission, which proved to be

1360-483: A gourmet marketplace. San Francisco has a warm-summer Mediterranean climate ( Köppen : Csb , Trewartha : Csll), characteristic of California's coast, with moist winters and dry summers. San Francisco's weather is strongly influenced by the cool currents of the Pacific Ocean on the west side of the city, and the water of San Francisco Bay to the north and east. This moderates temperature swings and produces

1496-566: A large African American population after World War II . The Western Addition is usually divided into smaller neighborhoods including Hayes Valley , the Fillmore , and Japantown , which was once the largest Japantown in North America but suffered when its Japanese American residents were forcibly removed and interned during World War II. The Western Addition survived the 1906 earthquake with its Victorians largely intact, including

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1632-654: A light rail and bus network , in tandem with the BART and Caltrain systems, connects nearly every part of San Francisco with the wider region. San Francisco, which is Spanish for "Saint Francis," takes its name from Mission San Francisco de Asís , which in turn was named after Saint Francis of Assisi . The mission received its name in 1776, when it was founded by the Spanish under the leadership of Padre Francisco Palóu . The city has officially been known as San Francisco since 1847, when Washington Allon Bartlett , then serving as

1768-596: A magnet for America's counterculture movement . Beat Generation writers fueled the San Francisco Renaissance and centered on the North Beach neighborhood in the 1950s. Hippies flocked to Haight-Ashbury in the 1960s, reaching a peak with the 1967 Summer of Love . In 1974, the Zebra murders left at least 16 people dead. In the 1970s, the city became a center of the gay rights movement , with

1904-665: A member of the Organisation through the letter addressed by Romanian Prime Minister Victor Ponta to OECD Secretary-General José Ángel Gurría . In September 2012, the government of Bulgaria confirmed it would apply for membership before the OECD Secretariat. The OECD established a working group headed by ambassador Seiichiro Noboru to work out a plan for the enlargement with non-members. The working group defined four criteria that must be fulfilled: "like-mindedness", "significant player", "mutual benefit" and "global considerations." The working group's recommendations were presented at

2040-461: A member on 28 April 2020. On 15 May 2020, the OECD decided to extend a formal invitation for Costa Rica to join the OECD, which joined as a member on 25 May 2021. Other countries that have expressed interest in OECD membership are Argentina , Brazil , Croatia , Malaysia and Peru . In January 2022, the OECD reported that membership talks were underway with Argentina , Brazil , Bulgaria , Croatia , Peru and Romania . In March 2022,

2176-536: A membership option for these countries. As a result of this, Poland , Hungary , the Czech Republic and Slovakia , as well as South Korea and Mexico , became members of the OECD between 1996 and 2000. East Germany joined on 3 October 1990 through reunification with West Germany. In the 1990s, several European countries, now members of the European Union, expressed their willingness to join

2312-422: A regular basis. The threat of major earthquakes plays a large role in the city's infrastructure development. The city constructed an auxiliary water supply system and has repeatedly upgraded its building codes, requiring retrofits for older buildings and higher engineering standards for new construction. However, there are still thousands of smaller buildings that remain vulnerable to quake damage. USGS has released

2448-543: A relevant commercial center, and closed storefronts in the areas in and around the adjacent Union Square. The area is marked by a cluster of high-rise towers in the triangular area east of Kearny Street , south of Washington Street, west of the Embarcadero that rings the waterfront , and north of Market Street . The district includes Northern California's two tallest buildings, the Salesforce Tower and

2584-569: A remarkably mild year-round climate with little seasonal temperature variation. Financial District, San Francisco Since the 1980s, restrictions on high-rise construction have shifted new development to the adjacent South of Market (SoMa) area surrounding the Transbay Transit Center . This area is sometimes called the South Financial District by real estate developers, or simply included as part of

2720-567: A seaport made it the eventual center for European and American settlement. After gold was discovered in the Sierra Nevada Foothills in 1848, Yerba Buena's location on the natural harbor of San Francisco Bay acted as a magnet for European and American settlers, as well as gold and job seekers from a multitude of countries. Following Californian independence and American annexation and the California Gold Rush ,

2856-602: A significant portion of the Comstock Lode 's gold and silver mines, establishing a virtual monopoly. Using his incredible clout, Ralston was able to generate millions of dollars for San Francisco during its heady boom years. He founded the Bank of California , the first bank in the Western United States, and built the opulent Palace Hotel, a symbol of San Francisco's newfound prosperity and the largest hotel in

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2992-464: A spacious public park, resulting in plans for Golden Gate Park . San Franciscans built schools, churches, theaters, and all the hallmarks of civic life. The Presidio developed into the most important American military installation on the Pacific coast. By 1890, San Francisco's population approached 300,000, making it the eighth-largest city in the United States at the time. Around 1901, San Francisco

3128-542: A total of 21.9 million visitors. It is known for its steep rolling hills and eclectic mix of architecture across varied neighborhoods , its Chinatown and Mission districts, its cooling summers, fog , and landmarks including the Golden Gate Bridge , cable cars , and Alcatraz . The city is home to a number of educational and cultural institutions, such as the University of California, San Francisco ,

3264-406: A very high Human Development Index . As of 2024 their collective population is 1.38 billion people with an average life expectancy of 80 years and a median age of 40, against a global average of 30. As of 2017 , OECD Member countries collectively comprised 62.2% of global nominal GDP ( USD 49.6 trillion) and 42.8% of global GDP ( Int$ 54.2 trillion) at purchasing power parity . The OECD

3400-482: A wave of " Manhattanization " that lasted until the late 1980s, a period of extensive high-rise development downtown. The 1980s also saw a dramatic increase in the number of homeless people in the city, an issue that remains today, despite many attempts to address it. The 1989 Loma Prieta earthquake caused destruction and loss of life throughout the Bay Area. In San Francisco, the quake severely damaged structures in

3536-536: Is an intergovernmental organization with 38 member countries, founded in 1961 to stimulate economic progress and world trade . It is a forum whose member countries describe themselves as committed to democracy and the market economy , providing a platform to compare policy experiences, seek answers to common problems, identify good practices, and coordinate domestic and international policies of its members. The majority of OECD members are generally regarded as developed countries , with high-income economies , and

3672-588: Is an official United Nations observer . OECD nations have strong social security systems ; their average social welfare spending stood at roughly 21% of GDP. The OECD's headquarters are at the Château de la Muette in Paris , France, which housed its predecessor organization, the Organization for European Economic Co-operation. The OECD is funded by contributions from member countries at varying rates and

3808-492: Is essentially their original form, but most of the city's natural watercourses, such as Islais Creek and Mission Creek , have been partially or completely culverted and built over. Since the 1990s, however, the Public Utilities Commission has been studying proposals to daylight or restore some creeks. An Historical Center of San Francisco monument, where the 1899–1906 City Hall was once located,

3944-583: Is in United Nations Plaza , at 37°46′48″N 122°24′49″W  /  37.7800397°N 122.4135943°W  / 37.7800397; -122.4135943 The earliest center of San Francisco is Portsmouth Square , in the northeast quadrant of the city anchored by Market Street and the waterfront. Here in the northeast quadrant, the Financial District is centered, with Union Square , the principal shopping and hotel district, and

4080-691: Is organised in directorates: The head of the OECD Secretariat and chair of the OECD Council is the Secretary-General. Secretary-General selections are made by consensus , meaning all member states must agree on a candidate. Representatives of member and observer countries meet in specialised committees on specific policy areas, such as economics, trade, science, employment, education, development assistance or financial markets. There are about 200 committees, working groups and expert groups. Committees discuss policies and review progress in

4216-556: Is recognised as a highly influential publisher of mostly economic data through publications as well as annual evaluations and rankings of member countries. The OECD is the successor organization to the Organisation for European Economic Co-operation (OEEC) , established in April 1948 among the European recipients of Marshall Plan aid for the reconstruction of Europe after World War II . Only Western European states were members of

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4352-543: The USS Portsmouth under the command of John B. Montgomery captured Yerba Buena on July 9, 1846, with little resistance from the local Californio population, raising the American flag over Yerba Buena plaza (later renamed Portsmouth Square in commemoration of this event). Following the capture, U.S. forces appointed both José de Jesús Noé and Washington Allon Bartlett to serve as co- alcaldes (mayors), while

4488-541: The 13th most populous metropolitan statistical area in the United States , with almost 4.6 million residents in 2023. The larger San Jose–San Francisco–Oakland combined statistical area , the fifth-largest urban region in the U.S., had a 2023 estimated population of over 9 million. Prior to European settlement , the modern city proper was inhabited by the Yelamu , who spoke a language now referred to as Ramaytush Ohlone . On June 29, 1776, settlers from New Spain established

4624-532: The 1906 Earthquake and Fire , as the area's skyscrapers survived. By 1910, the area was largely rebuilt with low-rise, masonry-clad buildings ranging from six to twelve stories in height. During the late 1920s, several Neo-Gothic high rises, reaching 300 to 400 feet in height, were constructed, including the Standard Oil Building , Russ Building , Hunter-Dulin Building , Shell Building , and

4760-744: The BART system. The nickname "FiDi" is occasionally employed, analogous to nearby SoMa . The area is commonly referred to as "Downtown" as well, although "Downtown" may include the broader Union Square, Chinatown, Tenderloin , and SoMa districts as well. The District is home to numerous corporate headquarters, including half of San Francisco's eight Fortune 500 companies— Wells Fargo , Salesforce , Visa , and Gap — as well as Levi Strauss , Kimpton Hotels , Dodge & Cox , Prologis , Docusign , Yelp , and SoFi among others; and formerly Bank of America , Bechtel , Pacific Bell , Crocker Bank , Transamerica , Chevron , PG&E , McKesson , URS , and Charles Schwab among others. The headquarters of

4896-518: The California earthquake forecast which models earthquake occurrence in California. San Francisco's shoreline has grown beyond its natural limits. Entire neighborhoods such as the Marina , Mission Bay , and Hunters Point , as well as large sections of the Embarcadero , sit on areas of landfill . Treasure Island was constructed from material dredged from the bay as well as material resulting from

5032-622: The Golden Gate , which later came to be known as Fort Point. In 1804, the province of Alta California was created, which included San Francisco. At its peak in 1810–1820, the average population at the Mission Dolores settlement was about 1,100 people. In 1821, the Californias were ceded to Mexico by Spain. The extensive California mission system gradually lost its influence during the period of Mexican rule , although it

5168-500: The Marina and South of Market districts and precipitated the demolition of the damaged Embarcadero Freeway and much of the damaged Central Freeway , allowing the city to reclaim The Embarcadero as its historic downtown waterfront and revitalizing the Hayes Valley neighborhood. The two recent decades have seen booms driven by the internet industry. During the dot-com boom of the late 1990s, startup companies invigorated

5304-584: The Pacific Telephone Building . With the onset of the Great Depression and statewide height restrictions due to earthquake fears, few new buildings were constructed, and the district remained relatively low-rise until the late 1950s. Due to new building and earthquake retrofitting technologies, the height restrictions were lifted, fueling a skyscraper building boom. This boom accelerated under mayor Dianne Feinstein during

5440-589: The Presidio of San Francisco at the Golden Gate , and the Mission San Francisco de Asís a few miles away, both named for Francis of Assisi . The California gold rush of 1849 brought rapid growth, transforming an unimportant hamlet into a busy port, making it the largest city on the West Coast at the time; between 1870 and 1900, approximately one quarter of California's population resided in

5576-683: The Revolutions of 1989 , the OECD began assisting countries in and Eastern Europe (especially the Visegrád Group ) to prepare market economy reforms. In 1990, the Centre for Co-operation with European Economies in Transition (now succeeded by the Centre for Cooperation with Non-Members) was established, and in 1991, the programme, "Partners in Transition", was launched to offer a partnership to Czechoslovakia , Hungary and Poland, including

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5712-551: The Rincon Center complex. Parks and plazas located there include Sue Biermann Park; Justin Herman Plaza , which is the current location of the city's New Year's festivities, and Transamerica Redwood Park. St. Mary's Square and Portsmouth Square are near the borders of the district, but are usually considered as part of Chinatown. Several consulates are located in the financial district. Countries with consulates in

5848-501: The Tenderloin nearby. Cable cars carry riders up steep inclines to the summit of Nob Hill , once the home of the city's business tycoons, and down to the waterfront tourist attractions of Fisherman's Wharf , and Pier 39 , where many restaurants feature Dungeness crab from a still-active fishing industry. Also in this quadrant are Russian Hill , a residential neighborhood with the famously crooked Lombard Street ; North Beach ,

5984-605: The Transamerica Pyramid . Montgomery Street (sometimes called " Wall Street of the West ") is considered the traditional heart of the district. Under Spanish and Mexican rule , the area had been the site of a harbor named Yerba Buena Cove with a small civilian outpost named Yerba Buena that served to support the military population of the Presidio and the Mission Dolores . The sandy, marshy soils of

6120-679: The Transbay Terminal , many height limits were raised in the area. As a result, nearly all new high rise construction since the 1980s (and for the foreseeable future) has taken place South of Market. Notable examples include the JPMorgan Chase Building , 555 Mission Street , 101 Second Street , the Four Seasons Hotel , The Paramount , and the Millennium Tower . According to TRI Commercial,

6256-1260: The University of San Francisco , San Francisco State University , the San Francisco Conservatory of Music , the de Young Museum , the San Francisco Museum of Modern Art , the San Francisco Symphony , the San Francisco Ballet , the San Francisco Opera , the SFJAZZ Center , and the California Academy of Sciences . Two major league sports teams, the San Francisco Giants and the Golden State Warriors , play their home games within San Francisco proper. San Francisco International Airport (SFO) offers flights to over 125 destinations, while

6392-493: The pueblo of Yerba Buena was founded. Yerba Buena Cove (named after a native herb ) was already a favored anchorage spot and the new settlement and trading post was founded by its shores. Yerba Buena was located in what is now the city's Chinatown and Financial District and was centered on a plaza that is now Portsmouth Square . A land survey of Yerba Buena was made by the Swiss immigrant Jean Jacques Vioget as prelude to

6528-858: The 12th district of the United States Federal Reserve is located in the area as well. Prior to their disestablishment, AirTouch , South Pacific Air Lines , Pegasus Aviation Finance Company , and the Pacific Exchange all had their headquarters in the Financial District. There are several shopping malls in the area, including the Crocker Galleria, the Embarcadero Center , the Ferry Building Marketplace , and

6664-410: The 1910s, a wave of Central American immigrants settled in the Mission and, in the 1950s, immigrants from Mexico began to predominate. In recent years, gentrification has changed the demographics of parts of the Mission from Latino, to twenty-something professionals. Noe Valley to the southwest and Bernal Heights to the south are both increasingly popular among young families with children. East of

6800-482: The 1960s to the end of the 1990s was also described in the memoirs titled “the Bank of Japan and the OECD: Recollections and Reflections”, written in Japanese by Kumiharu Shigehara and published in December 2019. In his letter of 5 February 2019, Donald Johnston, OECD Secretary-General (1996-2006), noted that Shigehara's "book is very important for the OECD where there is little living institutional memory". The English edition of Shigehara's memoirs titled The Bank of Japan,

6936-414: The 1980s, something her critics labeled " Manhattanization ". This caused widespread opposition citywide leading to the "skyscraper revolt" similar to the " freeway revolt " in the city years earlier. The skyscraper revolt led to the city imposing extremely strict, European-style height restrictions on building construction citywide. Due to these height restrictions , lack of buildable lots, and changes in

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7072-534: The Bay Area a center for trade. Catering to the needs and tastes of the growing population, Levi Strauss opened a dry goods business and Domingo Ghirardelli began manufacturing chocolate. Chinese immigrants made the city a polyglot culture, drawn to "Old Gold Mountain," creating the city's Chinatown quarter. By 1880, Chinese made up 9.3% of the population. The first cable cars carried San Franciscans up Clay Street in 1873. The city's sea of Victorian houses began to take shape, and civic leaders campaigned for

7208-433: The Birdman of Alcatraz. San Francisco later celebrated its regained grandeur with a World's fair , the Golden Gate International Exposition in 1939–40, creating Treasure Island in the middle of the bay to house it. During World War II , the city-owned Sharp Park in Pacifica was used as an internment camp to detain Japanese Americans . Hunters Point Naval Shipyard became a hub of activity, and Fort Mason became

7344-501: The Declaration. The OECD publishes books, reports, statistics, working papers, and reference materials. All titles and databases published since 1998 can be accessed via OECD iLibrary . The OECD Library & Archives collection dates from 1947, including records from the Committee for European Economic Co-operation (CEEC) and the Organisation for European Economic Co-operation (OEEC), predecessors of today's OECD. External researchers can consult OECD publications and archival material on

7480-475: The Financial District include France , Brazil , Guatemala , Japan , Luxembourg , Mexico , Ireland , the Netherlands , Singapore , and the United Kingdom . The Hong Kong Economic and Trade Office and the Taipei Economic and Cultural Office is located in the Financial District. OECD The Organisation for Economic Co-operation and Development ( OECD ; French : Organisation de coopération et de développement économiques, OCDE )

7616-538: The Financial District itself. The early 2020s have seen high office vacancy rates in the Financial District, driven by remote work since the COVID-19 pandemic , particularly among tech companies. Several owners of office buildings and hotels have defaulted on their loans, raising concerns about the effect on San Francisco's tax revenues and the financial stability of local government services. Many retailers have also cited high levels of crime, open-air drug use, homelessness , doubts about San Francisco's viability as

7752-458: The G20. It is not certain when the proposals will be implemented. All the major economies agreed to pass national laws that would require corporations to pay at least 15% income tax in the countries they operate. This new policy would end the practice of locating world headquarters in small countries with very low taxation rates. Governments hope to recoup some of the lost revenue, estimated at $ 100 billion to $ 240 billion each year. The new system

7888-408: The Mission is the Potrero Hill neighborhood, a mostly residential neighborhood that features sweeping views of downtown San Francisco. West of the Mission, the area historically known as Eureka Valley , now popularly called the Castro , was once a working-class Scandinavian and Irish area. It has become North America's first gay village , and is now the center of gay life in the city. Located near

8024-401: The OECD Convention after September 1961, but are nevertheless considered founding members. The official founding members are the following: Japan became a member in 1964, and over the following decade, Finland , Australia , and New Zealand also joined the organisation. Yugoslavia had observer status in the organisation, starting with the establishment of the OECD, until its dissolution as

8160-419: The OECD Ministerial Council Meeting on 13 May 2004, and on 16 May 2007, the OECD Ministerial Council decided to open accession discussions with Chile , Estonia , Israel , Russia , and Slovenia , and to strengthen cooperation with Brazil , China , India , Indonesia , and South Africa through a process of enhanced engagement. Chile, Slovenia, Israel, and Estonia all became members in 2010. In March 2014,

8296-461: The OECD Transfer Pricing Guidelines for Multinational Enterprises and Tax Administrations, a Model Tax Convention and country-by-country reporting rules. The OECD publishes and updates a model tax convention that serves as a template for allocating taxation rights between countries. This model is accompanied by a set of commentaries that reflect OECD-level interpretation of the content of the model convention provisions. In general, this model allocates

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8432-412: The OECD announced that it "has transitioned to [an] open-access information model" and that Creative Commons CC‑BY‑4.0 attribution licenses will be used on all data and publications. There are 15 working papers series published by the various directorates of the OECD Secretariat. They are available on iLibrary, as well as on many specialised portals. The OECD is responsible for the OECD Guidelines for

8568-415: The OECD halted membership talks with Russia in response to its role in the 2014 Annexation of Crimea . In 2013, the OECD decided to open membership talks with Colombia and Latvia . In 2015, the Organisation opened talks with Costa Rica and Lithuania . Latvia became a member on 1 July 2016, and Lithuania soon followed on 5 July 2018. Colombia signed the accession agreement on 30 May 2018 and became

8704-418: The OECD premises by appointment. The OECD releases about 600 books and over 400 papers yearly on topics spanning public policy. The publications are updated to the OECD iLibrary. Most books are published in English and French. The OECD flagship titles include: All OECD books are available on the OECD iLibrary, the online bookshop or OECD Library & Archives. OECD Observer , an award-winning magazine,

8840-401: The OECD suspended the participation of Russia and Belarus due to the ongoing 2022 Russian invasion of Ukraine . In June 2022, during the annual OECD Ministerial Council Meeting, the Roadmaps for the Accession to the OECD Convention for Brazil , Bulgaria , Croatia , Peru and Romania were adopted. The OECD sets the rules governing international taxation for multinationals through

8976-455: The OECD, and Beyond was published by Palgrave Macmillan in September 2024. The OECD is known as a statistical agency , as it publishes comparable statistics on numerous subjects. In July 2014, the OECD publicly released its main statistical databases through the OECD Data Portal, an online platform that allows visitors to create custom charts based on official OECD indicators. OECD statistics are available in several forms: In July 2024,

9112-457: The OEEC would set to work straight away on convincing Japan to join the organisation. The Convention on the Organisation for Economic Co-operation and Development was signed on 14 December 1960, and the OECD officially superseded the OEEC in September 1961, consisting of the European founder countries of the OEEC, with the additions of the United States and Canada. Three countries, (Netherlands, Luxembourg, and Italy)—all OEEC members—ratified

9248-466: The OEEC, whose primary function was the allocation of American aid. Its Secretaries-General were the Frenchmen Robert Marjolin (1948–1955) and René Sergent (1955–1960). It was headquartered in the Château de la Muette in Paris. Following the end of Marshall aid in 1952, the OEEC focused on economic issues. Its coordinating role was challenged after the 1957 Rome Treaties establishing the European Economic Community and Euratom . The OEEC provided

9384-486: The Organisation. In 1995, Cyprus applied for membership, but according to the Cypriot government, it was vetoed by Turkey . In 1996, Estonia , Latvia , and Lithuania signed a Joint Declaration expressing willingness to become members of the OECD, and Slovenia also applied for membership that same year. In 2005, Malta applied to join the Organisation. The EU is lobbying for the admission of all EU member states . Romania reaffirmed in 2012 its intention to become

9520-470: The Outer Richmond and Outer Sunset can refer to the more western portions of their respective district and the Inner Richmond and Inner Sunset can refer to the more eastern portions. Many piers remained derelict for years until the demolition of the Embarcadero Freeway reopened the downtown waterfront, allowing for redevelopment. The centerpiece of the port, the Ferry Building , while still receiving commuter ferry traffic, has been restored and redeveloped as

9656-403: The San Francisco economy. Large numbers of entrepreneurs and computer application developers moved into the city, followed by marketing, design, and sales professionals, changing the social landscape as once poorer neighborhoods became increasingly gentrified . Demand for new housing and office space ignited a second wave of high-rise development, this time in the South of Market district. By 2000,

9792-530: The Spanish ship San Carlos , commanded by Juan Manuel de Ayala , became the first ship to anchor in the bay. Soon after, on March 28, 1776, Anza established the Presidio of San Francisco . On October 9, Mission San Francisco de Asís , also known as Mission Dolores, was founded by Padre Francisco Palóu . In 1794, the Presidio established the Castillo de San Joaquín , a fortification on the southern side of

9928-628: The Testing of Chemicals , a continuously updated document that is a de facto standard (i.e., soft law). It published the OECD Environmental Outlook to 2030 in March 2008, which argues that tackling key environmental problems—including climate change , biodiversity loss , water scarcity , and the health impacts of pollution —is both achievable and affordable. In 2020, the inaugural University Press Redux Sustainability Award

10064-555: The Vietnam War , and other factors led to the Summer of Love and the gay rights movement, cementing San Francisco as a center of liberal activism in the United States . San Francisco and the surrounding San Francisco Bay Area are a global center of economic activity and the arts and sciences, spurred by leading universities , high-tech , healthcare, finance, insurance, real estate, and professional services sectors. As of 2020,

10200-471: The area boomed rapidly and the Bay shoreline, which originally ended near Montgomery Street, was filled in and extended to The Embarcadero. Gold Rush wealth and business made it the financial capital of the west coast as many banks and businesses set up in the neighborhood. The west coast's first and only skyscrapers , were built in the area along Market Street . The neighborhood was nearly completely destroyed in

10336-463: The area. Further development is taking place just to the south in Mission Bay area, a former railroad yard, which now has a second campus of the University of California, San Francisco and Chase Center , which opened in 2019 as the new home of the Golden State Warriors . West of downtown, across Van Ness Avenue , lies the large Western Addition neighborhood, which became established with

10472-594: The beginning of the assimilation of the Ramaytush people, and the decline of their language and culture. The Spanish Empire claimed San Francisco as part of Las Californias , a province of the Viceroyalty of New Spain . The Spanish first arrived in what is now San Francisco on November 2, 1769, when the Portolá expedition led by Don Gaspar de Portolá and Juan Crespí arrived at San Francisco Bay . Having noted

10608-515: The city and burned out of control for several days. With water mains out of service, the Presidio Artillery Corps attempted to contain the inferno by dynamiting blocks of buildings to create firebreaks. More than three-quarters of the city lay in ruins, including almost all of the downtown core. Contemporary accounts reported that 498 people died, though modern estimates put the number in the several thousands. More than half of

10744-517: The city as a whole, asserting that the issues of concern are restricted primarily to the urban core of San Francisco. As of March 2024, Union Square was in "sorry shape" and had lost its traditional position as the Bay Area's regional shopping hub to Westfield Valley Fair in San Jose. The Ferry Station Post Office Building , Armour & Co. Building , Atherton House , and YMCA Hotel are historic buildings among dozens of historical landmarks in

10880-414: The city is still home to numerous companies inside and outside of technology, including Salesforce , Uber , Airbnb , X , Levi's , Gap , Dropbox , and Lyft . In 2022, San Francisco had more than 1.7 million international visitors – the fifth-most visited city from abroad in the United States after New York City, Miami , Orlando , and Los Angeles – and approximately 20 million domestic visitors for

11016-468: The city plan. Francisco de Haro , a non- Californio Mexican native, became the first alcalde of Yerba Buena. The second alcalde José Joaquín Estudillo was a Californio from a prominent Monterey family. In 1835, while in office, he approved the first land grant in Yerba Buena: to William Richardson , a naturalized Mexican citizen of English birth. Richardson had arrived in San Francisco aboard

11152-631: The city proper. In 1856, San Francisco became a consolidated city-county . After three-quarters of the city was destroyed by the 1906 earthquake and fire , it was quickly rebuilt, hosting the Panama–Pacific International Exposition nine years later. In World War II , it was a major port of embarkation for naval service members shipping out to the Pacific Theater . In 1945, the United Nations Charter

11288-544: The city's Little Italy and the former center of the Beat Generation ; and Telegraph Hill , which features Coit Tower . Abutting Russian Hill and North Beach is San Francisco's Chinatown , the oldest Chinatown in North America. The South of Market , which was once San Francisco's industrial core, has seen significant redevelopment following the construction of Oracle Park and an infusion of startup companies . New skyscrapers, live-work lofts, and condominiums dot

11424-479: The city's alcalde , renamed it from Yerba Buena (Spanish for "Good Herb"), which had been the name of the first civilian pueblo in San Francisco, as well as the name of Yerba Buena Cove , which the pueblo was on the shore of. Earlier in San Francisco's history, the uninhabited area on the northeastern side of San Francisco was called El Paraje de Yerba Buena , after the herb that was growing abundantly there. The name Yerba Buena continues to be used in locations in

11560-522: The city's population of 400,000 was left homeless. Refugees settled temporarily in makeshift tent villages in Golden Gate Park, the Presidio, on the beaches, and elsewhere. Many fled permanently to the East Bay . Jack London is remembered for having famously eulogized the earthquake: "Not in history has a modern imperial city been so completely destroyed. San Francisco is gone." Rebuilding

11696-417: The city's population reached new highs, surpassing the previous record set in 1950. When the bubble burst in 2001 and again in 2023, many of these companies folded and their employees were laid off. Yet high technology and entrepreneurship remain mainstays of the San Francisco economy. By the mid-2000s (decade), the social media boom had begun, with San Francisco becoming a popular location for tech offices and

11832-576: The city's southern border, the Excelsior District is one of the most ethnically diverse neighborhoods in San Francisco. The Bayview-Hunters Point in the far southeast corner of the city is one of the poorest neighborhoods, though the area has been the focus of several revitalizing and urban renewal projects. The construction of the Twin Peaks Tunnel in 1918 connected southwest neighborhoods to downtown via streetcar, hastening

11968-645: The city, according to the National Register of Historic Places listings in San Francisco . San Francisco is located on the West Coast of the United States , at the north end of the San Francisco Peninsula and includes significant stretches of the Pacific Ocean and San Francisco Bay within its boundaries. Several picturesque islands — Alcatraz , Treasure Island and the adjacent Yerba Buena Island , and small portions of Alameda Island , Red Rock Island , and Angel Island —are part of

12104-860: The city, such as on Yerba Buena Island and in the Yerba Buena Center for the Arts and Yerba Buena Gardens . While people residing outside the San Francisco Bay Area use nicknames including "Frisco" and "San Fran", local residents in the Bay Area sometimes refer to San Francisco as "the City" or "SF". The choice of nickname a person uses is a common way for locals to distinguish long-time residents from tourists and recent arrivals. "San Fran" and "Frisco" are sometimes considered controversial as nicknames among San Francisco residents. The earliest archeological evidence of human habitation of

12240-430: The city. Also included are the uninhabited Farallon Islands , 27 miles (43 km) offshore in the Pacific Ocean. The mainland within the city limits roughly forms a "seven-by-seven-mile square," a common local colloquialism referring to the city's shape, though its total area, including water, is nearly 232 square miles (600 km). There are more than 50 hills within the city limits. Some neighborhoods are named after

12376-485: The conquest continued on in the rest of California. On January 30, 1847, Mayor Bartlett ordained that the city should officially change its name from "Yerba Buena" to "San Francisco", as the former name was only locally recognized and the latter name was in use on international maps. There was also concern that a new town being planned by General Vallejo on the Carquinez Strait was to be called "Francisca", after

12512-435: The cost borne by the member countries, such as sending their officials to OECD meetings and maintaining permanent delegations, is equivalent to the cost of running the secretariat. This ratio is unique among inter-governmental organisations. In other words, the OECD is more a persistent forum or network of officials and experts than an administration. The OECD regularly holds minister-level meetings and forums as platforms for

12648-513: The country at the time. His financial empire, however, collapsed in 1875 as a result of the Panic of 1873 , triggering a major economic crisis in San Francisco. Development of the Port of San Francisco and the establishment in 1869 of overland access to the eastern U.S. rail system via the newly completed Pacific Railroad (the construction of which the city only reluctantly helped support) helped make

12784-682: The development of West Portal , and nearby affluent Forest Hill and St. Francis Wood . Further west, stretching all the way to the Pacific Ocean and north to Golden Gate Park lies the vast Sunset District , a large middle-class area with a predominantly Asian population. The northwestern quadrant of the city contains the Richmond , a mostly middle-class neighborhood north of Golden Gate Park, home to immigrants from other parts of Asia as well as many Russian and Ukrainian immigrants. Together, these areas are known as The Avenues . These two districts are each sometimes further divided into two regions:

12920-573: The earthquake. The earthquake hastened development of western neighborhoods that survived the fire, including Pacific Heights , where many of the city's wealthy rebuilt their homes. In turn, the destroyed mansions of Nob Hill became grand hotels. City Hall rose again in the Beaux Arts style, and the city celebrated its rebirth at the Panama–Pacific International Exposition in 1915. During this period, San Francisco built some of its most important infrastructure. Civil Engineer Michael O'Shaughnessy

13056-507: The emergence of The Castro as an urban gay village , the election of Harvey Milk to the Board of Supervisors , and his assassination , along with that of Mayor George Moscone , in 1978. Bank of America , now based in Charlotte , North Carolina , was founded in San Francisco; the bank completed 555 California Street in 1969. The Transamerica Pyramid was completed in 1972, igniting

13192-773: The excavation of the Yerba Buena Tunnel through Yerba Buena Island during the construction of the Bay Bridge. Such land tends to be unstable during earthquakes. The resulting soil liquefaction causes extensive damage to property built upon it, as was evidenced in the Marina district during the 1989 Loma Prieta earthquake . A few natural lakes and creeks ( Lake Merced , Mountain Lake , Pine Lake , Lobos Creek , El Polin Spring ) are within parks and remain protected in what

13328-519: The fact that there were no churches to be found, prompted missionaries like William Taylor to come to San Francisco where he began preaching in the streets, using an upright barrel as his pulpit. Taylor was able to garner enough generous donations from successful gold miners with which he used to build a church. One of the most influential figures of this era was William Chapman Ralston . A shrewd banker and investor, Ralston amassed considerable wealth and influence in San Francisco. He gained control over

13464-490: The famous " Painted Ladies ," standing alongside Alamo Square . To the south, near the geographic center of the city is Haight-Ashbury , famously associated with 1960s hippie culture. The Haight is now home to some expensive boutiques and a few controversial chain stores, although it still retains some bohemian character. North of the Western Addition is Pacific Heights , an affluent neighborhood that features

13600-479: The first name of his wife. After the name change to "San Francisco", the name of Vallejo's town was changed to Benicia , after his wife's middle name. Following the Treaty of Guadalupe Hidalgo in 1848, Alta California was ceded from Mexico to the United States . Despite its attractive location as a port and naval base, post-Conquest San Francisco was still a small settlement with inhospitable geography. Situated at

13736-562: The first time in Kumiharu Shigehara, “Multilateral Surveillance: What the OECD can offer?” (the 1996 Global Finance Lecture, the University of Birmingham, 1996; OECD publication, Paris, 1996) at a time when Shigehara was OECD Chief Economist and Head of Economics Department (1992–1997); he was subsequently OECD Deputy Secretary-General (1997–1999). It was also discussed in: The history of OECD multilateral surveillance from

13872-517: The gateway to the goldfields, experienced a surge in population and commercial activity. However, the influx of fortune seekers also brought challenges. Lawlessness was rampant, and the Barbary Coast district became synonymous with vice, attracting criminals, prostitutes, and illicit activities, including but not limited to prostitution, bootlegging , and gambling. The rapidly growing population, with its lawlessness, gambling and other vices, and

14008-429: The given policy area. OECD has a number of specialised bodies: OECD decisions are made through voting, which requires unanimity among all of those voting. Each member country has one vote. However, dissenting members which do not wish to block a decision but merely to signal their disapproval can abstain from voting. 22 of the OECD member countries are also EU member states. As of May 2021 there are 38 members of

14144-457: The hill on which they are situated, including Nob Hill , Potrero Hill , and Russian Hill . Near the geographic center of the city, southwest of the downtown area, are a series of less densely populated hills. Twin Peaks , a pair of hills forming one of the city's highest points, forms an overlook spot. San Francisco's tallest hill, Mount Davidson , is 928 feet (283 m) high and is capped with

14280-512: The homes built by wealthy San Franciscans in the wake of the 1906 earthquake. Directly north of Pacific Heights facing the waterfront is the Marina , a neighborhood popular with young professionals that was largely built on reclaimed land from the Bay. In the southeast quadrant of the city is the Mission District —populated in the 19th century by Californios and working-class immigrants from Germany, Ireland, Italy, and Scandinavia. In

14416-427: The indigenous people under their control. As part of the process of secularization, Governor José Figueroa opened up San Francisco to civilian settlement. Prior to secularization, the only settlements in San Francisco had been the military settlement at the Presidio and the religious settlement at Mission Dolores. In 1835, the Presidio garrison, commanded by Mariano Vallejo , relocated to the Presidio of Sonoma , which

14552-534: The larger Port of Oakland . The city began to lose industrial jobs and turned to tourism as the most important segment of its economy. The suburbs experienced rapid growth, and San Francisco underwent significant demographic change, as large segments of the white population left the city, supplanted by an increasing wave of immigration from Asia and Latin America. From 1950 to 1980, the city lost over 10 percent of its population. Over this period, San Francisco became

14688-547: The line became the new San Mateo County while everything north of the line became the new consolidated City and County of San Francisco. The California Gold Rush triggered a wave of entrepreneurial activity as individuals sought to capitalize on the newfound wealth. The discovery of silver deposits, notably the Comstock Lode in Nevada in 1859, further fueled rapid population growth and economic expansion. San Francisco, as

14824-476: The local real estate market, new development in the area has shifted to South of Market Street since the 1980s. The area south of Market, east of Third Street , north of Folsom Street , and west of the Embarcadero is sometimes called the South Financial District , or simply included as part of the Financial District itself. To encourage new development south of Market, and to help fund the replacement for

14960-513: The metropolitan area, with 4.5 million residents, ranked 5th by GDP ($ 874 billion) and 2nd by GDP per capita ($ 131,082) across the OECD countries, ahead of global cities like Paris , London , and Singapore . It is the fourth-largest by aggregate income and economic output, with a GDP of $ 729 billion in 2022. The wider San Jose–San Francisco–Oakland Combined Statistical Area is the nation's fifth-most populous, with around nine million residents, and

15096-528: The northwest is Chinatown , and to the north is North Beach and Jackson Square . To the east lies the Embarcadero waterfront and the Ferry Building . To the south lies Market Street and the South of Market district. The Financial District is served by more than two dozen Muni bus and rail lines, including one cable car line , as well as Montgomery Street Station and Embarcadero Station in

15232-562: The other (such as between OECD and non-OECD pairings). Additionally, the OECD has published and updated the Transfer Pricing Guidelines since 1995. The Transfer Pricing Guidelines serve as a template for the profit allocation of inter-company transactions to countries. The latest version, of July 2017, incorporates the approved Actions developed under the Base Erosion and Profit Shifting (BEPS) project initiated by

15368-403: The population from 1,000 in 1848 to 25,000 by December 1849. The promise of wealth was so strong that crews on arriving vessels deserted and rushed off to the gold fields, leaving behind a forest of masts in San Francisco harbor. Some of these approximately 500 abandoned ships were used at times as storeships , saloons , and hotels; many were left to rot, and some were sunk to establish title to

15504-520: The primary port of embarkation for service members shipping out to the Pacific Theater of Operations . The explosion of jobs drew many people, especially African Americans from the South , to the area. After the end of the war, many military personnel returning from service abroad and civilians who had originally come to work decided to stay. The United Nations Charter creating the United Nations

15640-423: The primary right to tax to the country from which capital investment originates (i.e., the home, or resident country) rather than the country in which the investment is made (the host, or source country). As a result, it is most effective between two countries with reciprocal investment flows (such as among the OECD member countries), but can be unbalanced when one of the signatory countries is economically weaker than

15776-576: The strategic benefits of the area due to its large natural harbor, the Spanish dispatched Pedro Fages in 1770 to find a more direct route to the San Francisco Peninsula from Monterey , which would become part of the El Camino Real route. By 1774, Juan Bautista de Anza had arrived to the area to select the sites for a mission and presidio . The first European maritime presence in San Francisco Bay occurred on August 5, 1775, when

15912-490: The territory of San Francisco dates to 3000 BCE. The Yelamu group of the Ramaytush people resided in a few small villages when an overland Spanish exploration party arrived on November 2, 1769, the first documented European visit to San Francisco Bay . The Ohlone name for San Francisco was Ahwaste , meaning, "place at the bay." The arrival of Spanish colonists, and the implementation of their Mission system, marked

16048-489: The third-largest by economic output, with a GDP of $ 1.32 trillion in 2022. In the same year, San Francisco proper had a GDP of $ 252.2 billion, and a GDP per capita of $ 312,000. San Francisco was ranked fifth in the world and second in the United States on the Global Financial Centres Index as of September 2023. Despite a continuing exodus of businesses from the downtown area of San Francisco,

16184-493: The tip of a windswept peninsula without water or firewood, San Francisco lacked most of the basic facilities for a 19th-century settlement. These natural disadvantages forced the town's residents to bring water, fuel and food to the site. Its 1847 population was said to be 459. The California gold rush brought a flood of treasure seekers (known as "forty-niners," as in "1849"). With their sourdough bread in tow, prospectors accumulated in San Francisco over rival Benicia , raising

16320-469: The tip of the San Francisco Peninsula discouraged the Spanish, and later Mexican governments from establishing a preeminent town there, who focused their pueblo settlement efforts in the Pueblo of San José with its extremely fertile land. It was not until 1835 that the first settlers established themselves on the shore of Yerba Buena Cove, with the first town plan surveyed in 1839. Yerba Buena's potential as

16456-566: The traditional Financial District provides approximately 30 million square feet (2,800,000 m ) of office space, and the South Financial District offers about 28 million square feet (2,600,000 m ). In the 2020s, the COVID-19 pandemic has stimulated an exodus of business from the downtown core of San Francisco. Adjacent to the Financial District to the west is the Union Square shopping district . To

16592-401: The underwater lot. By 1851, the harbor was extended out into the bay by wharves while buildings were erected on piles among the ships. By 1870, Yerba Buena Cove had been filled to create new land. Buried ships are occasionally exposed when foundations are dug for new buildings. California was quickly granted statehood in 1850, and the U.S. military built Fort Point at the Golden Gate and

16728-401: The upper end of the San Francisco Peninsula , making it the second-most densely populated major U.S. city behind New York City and the fifth-most densely populated U.S. county , behind four of New York City's boroughs . Among the 92 U.S. cities proper with over 250,000 residents, San Francisco is ranked first by per capita income and sixth by aggregate income as of 2022. San Francisco anchors

16864-475: Was a major city known for its flamboyant style, stately hotels, ostentatious mansions on Nob Hill , and a thriving arts scene. The first North American plague epidemic was the San Francisco plague of 1900–1904 . At 5:12 am on April 18, 1906, a major earthquake struck San Francisco and northern California. As buildings collapsed from the shaking, ruptured gas lines ignited fires that spread across

17000-596: Was at the height of the Great Depression that San Francisco undertook two great civil engineering projects, simultaneously constructing the San Francisco–Oakland Bay Bridge and the Golden Gate Bridge , completing them in 1936 and 1937, respectively. It was in this period that the island of Alcatraz , a former military stockade, began its service as a federal maximum security prison, housing notorious inmates such as Al Capone , and Robert Franklin Stroud ,

17136-596: Was drafted and signed in San Francisco in 1945 and, in 1951, the Treaty of San Francisco re-established peaceful relations between Japan and the Allied Powers . Urban planning projects in the 1950s and 1960s involved widespread destruction and redevelopment of west-side neighborhoods and the construction of new freeways , of which only a series of short segments were built before being halted by citizen-led opposition . The onset of containerization made San Francisco's small piers obsolete, and cargo activity moved to

17272-745: Was given to OECD by the Association of Learned and Professional Society Publishers (ALPSP) and Cambridge University Press . The award recognized the development of the SDG Pathfinder, an open-access digital discovery tool for finding content and data relating to the Sustainable Development Goals (SDGs). The OECD's structure consists of three main elements: Delegates from the member countries attend committee and other meetings. Former Deputy Secretary-General Pierre Vinde  [ sv ] estimated in 1997 that

17408-837: Was hired by San Francisco Mayor James Rolph as chief engineer for the city in September 1912 to supervise the construction of the Twin Peaks Reservoir, the Stockton Street Tunnel , the Twin Peaks Tunnel , the San Francisco Municipal Railway , the Auxiliary Water Supply System , and new sewers. San Francisco's streetcar system, of which the J , K , L , M , and N lines survive today, was pushed to completion by O'Shaughnessy between 1915 and 1927. It

17544-457: Was introduced in Q2 2013. The OECD Observer was last issued in the fourth quarter of 2019, with a double edition looking ahead at artificial intelligence, and a cover leading on why statistical offices should hire a comedian. The OECD Observer website closed in the first quarter of 2021; the archive can be consulted at www.oecd.org. The OECD's multilateral surveillance was systematically reviewed for

17680-478: Was launched in 1962. The magazine appeared six times a year until 2010, and became quarterly in 2011 with the introduction of the OECD Yearbook , launched for the 50th anniversary of the organisation. The online and mobile editions contained news, analysis, reviews, commentaries and data on global economic, social and environmental challenges and listings of the latest OECD books. An OECD Observer Crossword

17816-531: Was not until 1833 that the missions would be secularized. Agricultural land became largely privatized as ranchos , as was occurring in other parts of California. Coastal trade increased, including a half-dozen barques from various Atlantic ports which regularly sailed in California waters. With the enactment of the Mexican Secularization Act of 1833 , the missions were made to divest themselves of their extensive landholdings and emancipate

17952-752: Was promoted by the Biden Administration in the United States and the OECD. Secretary-General Mathias Cormann of the OECD said, "This historic package will ensure that large multinational companies pay their fair share of tax everywhere." The OECD Guidelines for Multinational Enterprises are a set of legally non-binding guidelines attached as an annex to the OECD Declaration on International Investment and Multinational Enterprises. They are recommendations providing principles and standards for responsible business conduct for multinational corporations operating in or from countries adhering to

18088-412: Was rapid and performed on a grand scale. Rejecting calls to completely remake the street grid, San Franciscans opted for speed. Amadeo Giannini 's Bank of Italy , later to become Bank of America , provided loans for many of those whose livelihoods had been devastated. The influential San Francisco Planning and Urban Research Association or SPUR was founded in 1910 to address the quality of housing after

18224-524: Was regarded as needing a greater military presence due the proximity of the Russian settlement at Fort Ross . Only a small detachment remained at the Presidio of San Francisco. Mission Dolores sold most of its property in 1836, retaining only the church and related structures. In 1833, Juana Briones de Miranda was granted a small rancho at El Polín Spring , near the Presidio, founding the first non-indigenous civilian household in San Francisco. In 1834,

18360-443: Was signed in San Francisco, establishing the United Nations and in 1951, the Treaty of San Francisco re-established peaceful relations between Japan and the Allied Powers . After the war, the confluence of returning servicemen, significant immigration , liberalizing attitudes, the rise of the beatnik and hippie countercultures, the sexual revolution , the peace movement growing from opposition to United States involvement in

18496-408: Was the O'Shaughnessy Dam , Hetch Hetchy Reservoir , and Hetch Hetchy Aqueduct that would have the largest effect on San Francisco. An abundant water supply enabled San Francisco to develop into the city it has become today. In ensuing years, the city solidified its standing as a financial capital; in the wake of the 1929 stock market crash , not a single San Francisco-based bank failed. Indeed, it

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