But before anyone at City Hall starts a victory lap, let's be clear: an inflection point is not a finish line. It means the bleeding has stopped and the patient is sitting up. It does not mean the patient is running marathons. There is still enormous ground to recover, and the report itself acknowledges as much.

The transit numbers are particularly telling. Muni ridership is back to levels where buses are genuinely crowded again — one local rider noted that sometimes you have to "reverse-ride" a bus in the wrong direction just to snag a seat before it fills up at your regular stop. That's the kind of problem you want to have, in a way. Full buses mean people are going places, spending money, and showing up to work.

Still, let's keep our eyes on the structural problems that made recovery so painfully slow in the first place. San Francisco's per-capita spending is astronomical. The city's bureaucratic maze makes it harder — not easier — for small businesses to open, expand, and hire. The rental market remains, as one local put it, a "shitshow." None of these fundamentals change just because tourist numbers tick up.

The real question isn't whether recovery is happening — it is. The question is whether City Hall will learn anything from the downturn. Will leaders streamline permitting? Cut wasteful programs? Stop treating the business community like an ATM? Or will they simply ride the upswing, pat themselves on the back, and set us up for the exact same vulnerability next time the economy hiccups?

An inflection point is an opportunity. San Francisco has burned through plenty of those before. Here's hoping this time is different — but forgive us for not holding our breath.