San Francisco has been a case study in how not to run a city , but a new report is amplifying the alarm as voters consider a CEO tax that some are calling a poison pill for the epicenter of tech.

The Bay Area Council Economic Institute released a study on Wednesday that found eye-watering business taxes are driving away San Francisco businesses and making it nearly impossible to fully recover from the pandemic. Payroll employment in the city is still 8.6% below pre-pandemic levels, while office vacancy has climbed to about 33% — the highest among major U.S. cities.

Downtown business formation also has essentially collapsed — falling from 711 new firms in 2017 to just 25 last year — as more companies seek out financially greener pastures, according to the report.

San Francisco has failed to recover form the pandemic at a rate far worse than peer cities. Getty Images

The downtown corridor of San Francisco used to draw huge crowds of shoppers but it’s now mostly empty.…