Marc Benioff announces plan to turn SF's Bristol Hotel into housing for homeless

SAN FRANCISCO (KGO) -- A shuttered San Francisco hotel will soon be turned into affordable housing thanks to a major donation from Salesforce CEO, Marc Benioff.

The more than $6 million donation was announced at a news conference with San Francisco Mayor London Breed Thursday.

The hotel, Bristol Hotel, is located near Mason and Eddy streets.

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Instead of turning it into market rate housing, the nearly 60 units will rent for less than $700 a month.

"We need a path to no homelessness in San Francisco and that means every homeless person needs a home," Benioff said.

Mayor Breed says the city needs to take responsibility for this housing after Benioff's donation runs out.

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"This is a 20-year lease and the donation covers five years and we will need to make sure that the rest is covered," Breed said.

Benioff says this is just the start of many projects to help the homeless.

The city is expected to begin collecting money from Prop C as early as Jan. 1.