Excision for simplicial sheaves on the Stein site and Gromov's Oka principle

A complex manifold $X$ satisfies the Oka-Grauert property if the inclusion $\Cal O(S,X) \hookrightarrow \Cal C(S,X)$ is a weak equivalence for every Stein manifold $S$, where the spaces of holomorphic and continuous maps from $S$ to $X$ are given the compact-open topology. Gromov's Oka principle states that if $X$ has a spray, then it has the Oka-Grauert property. The purpose of this paper is to investigate the Oka-Grauert property using homotopical algebra. We embed the category of complex manifolds into the model category of simplicial sheaves on the site of Stein manifolds. Our main result is that the Oka-Grauert property is equivalent to $X$ representing a finite homotopy sheaf on the Stein site. This expresses the Oka-Grauert property in purely holomorphic terms, without reference to continuous maps.