Although its economy and therefore budget situation have brightened faster than expected since the worst of the Covid 19 pandemic, and the new American Rescue Act will actually wipe out most of its short-term deficit, like most American states and cities, San Francisco’s fiscal challenges are far from over. Indeed, without major policy changes, the city can expect a future dominated by bad financial choices for controlling its chronic budget shortfalls: broad-brush growth-killing tax hikes, deep services cuts, or some combination of both. Just as important, the resulting vise will do little more than keep San Francisco running in place. Most hopes for addressing pressing unmet needs will be squeezed out…