COVER STORY

GENERATION
HEX
For those inheriting property, the bills of
state ‘reform’ are starting to come due
BY TED ANDERSEN, PAGE 16

SAN FRANCISCO BUSINESS TIMES • October 18-24, 2024, Vol. 39, No. 15 • $10

NEWS STRUCTURES

Valkyries name Downtown price

The community
Nakase coach reset rolls on
benefit districts The WNBA expansion 33 New Montgomery could
keeping city streets team picks a leader who’s soon be the latest tower to
looking sharp. “obsessed with winning.” sell at a steep discount.
PAGE 20 RON LEUTY, 8 SARAH KLEARMAN, 11
 Upfront

FIVE THINGS YOU NEED TO KNOW

1 2 3 4 5
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2 OCTOBER 18-24, 2024 • SAN FRANCISCO BUSINESS TIMES

EC O N O M Y

Wells CEO on CRE: ‘Things aren’t getting better’

“Loan charge-offs declined sharply point,” said Sanders, who continues to rec- headlines with sweeping nationwide lay-
from last quarter,” Edward Jones analyst ommend investors buy the bank’s shares. off announcements.
Charlie Scharf warns Kyle Sanders told clients.w “Investors have Wells Fargo continues to look for “Head count has declined every quar-
of ‘contagion’ affecting been concerned about rising credit losses opportunities to cut costs, with staffing a ter for four years and was down 20%
commercial real estate on commercial real estate loans for office prime target. As of Sept. 30, Wells Fargo’s since the third quarter of 2020,” Scharf
buildings; however, charge-offs on these workforce stood at 220,167, down 1% from told investors on the Oct. 11 call, signal-
loans made by Wells Fargo were much 222,544 on June 30 and down 3% from ing that the bank’s workforce is expected
BY MARK CALVEY lower than feared. 227,363 on Sept. 30, 2023. The bank has to continue shrinking. “I just don’t think
[email protected] “While net interest income was soft, often conducted relatively small layoffs in our thinking has changed about efficiency
we think Wells Fargo is near an inflection numerous locations rather than grabbing opportunities.”
Wells Fargo CEO Charlie Scharf provid-
ed a sobering assessment of the state of
commercial real estate on the bank’s Oct.
11 third-quarter earnings call.
“Things aren’t getting better,” Scharf
said. “It is kind of more of the same, but
it’s impacting more properties.
“There is a little bit of contagion to
properties that are fairly well-leased,”
Scharf said, adding that people are “look-
ing for better deals, because they think
there’s weakness out there.
“What you see is just more of the sig-
nificant revaluation because of supply and
demand that’s going on as these proper-
ties move through the cycle,” Scharf said.

Progressive Casualty Ins. Co. Coverage provided and serviced

by affiliated and third-party insurers. Not available in all states.
“Things are getting worse because there
are more properties being impacted.”
Several downtown San Francisco
office buildings have traded well below
their previous purchase price or are on
their way to a discounted sale, while oth-
er structures have encountered financial
trouble this year.
Scharf’s downbeat comments came
against the backdrop of earnings that
topped analysts’ expectations, with the
San Francisco bank earning $5.11 bil-
lion, or $1.42 per share, in the third quar-
ter, down from $5.77 billion, or $1.48 per
share, in last year’s third quarter.
Comments made on the earnings call
stand in contrast to the bank’s economists,
who have said the nation may be seeing
the beginning of the end of the commer-
cial real estate downturn.
“Lower interest rates are not a magic
bullet, but less restrictive monetary pol-
icy lays the groundwork for a commercial
real estate recovery,” Wells Fargo’s econo-
mists said last month.
At least one analyst who follows the
bank also sounded a more optimistic note
than the CEO — including on how com-
mercial real estate’s woes were affecting
the bank.

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Wells Fargo reported earnings of $5.11
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from $5.77 billion in the same quarter a
year ago.

SAN FRANCISCO BUSINESS TIMES • OCTOBER 18-24, 2024 3

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SAN FRANCISCO BUSINESS TIMES • OCTOBER 18-24, 2024 5
P R I VAT E EQ U I T Y “Everything has changed so much
in terms of the scale of what we do,

Warren Hellman’s legacy propels

but really the core fundamentals of
doing business the right way, try-
ing to be the best in backing people,

pioneering firm forward

believing in people, that hasn’t real-
ly changed.”
Today Hellman & Friedman has
about $90 billion invested in 31
companies.
As private equity has grown, the
Hellman & Friedman, asset class has become a lightning
founded 40 years ago, built rod for criticism.
reputation on big deals “We have probably underinvest-
ed in communicating,” Healy said.
“Private equity is generally focused
BY MARK CALVEY on growing businesses, which means
[email protected] growing revenues and creating more
jobs.”
When the late Warren Hellman HELLMAN & FRIEDMAN The firm Hellman helped build
co-founded San Francisco private Hellman & Friedman celebrated the private equity firm’s 40th anniversary has moved up in the world, mov-
equity firm Hellman & Friedman at San Francisco City Hall. From left: Allen Thorpe, partner; David Tunnell, ing its headquarters from One Mar-
in 1984, with Tully Friedman, pri- partner and head of the San Francisco office; Philip Hammarskjold, itime Plaza in the Financial District
vate equity was on the fringes of the
financial world.
Private equity has enjoyed explo-
executive chairman; and Patrick Healy, CEO.

featuring the firm’s first big deal, tak- pocket, if you will.”
$120B to offices near the top of the Sales-
force Tower. The firm also has offices
in New York and London.
Private equity
sive growth since then, as has Hell- ing Levi Strauss & Co. private in 1985, As part of a three-day celebra- firm Hellman Hellman & Friedman has also
man & Friedman, which now has working with the Levi Strauss found- tion of the firm’s 40th anniversa- & Friedman opted to take the high road when it
about $120 billion under manage- ing Haas family. The $1.6 billion deal ry in October, Hellman & Friedman has built up comes to commemorating its suc-
ment and 120 employees. was a big success. employees had an opportunity to $120 billion in cesses and failures. Hellman & Fried-
Hellman built a stellar reputa- That deal came together before attend the Hardly Strictly Bluegrass assets under man still recognizes its investments
tion as a business leader and philan- Hellman & Friedman had raised its Festival that Warren Hellman creat- management, that have done well by naming con-
thropist before he died of leukemia first fund from institutional inves- ed and later endowed, among many including $90 ference rooms after successful invest-
in 2011. tors, Hellman & Frieman CEO Pat- nonprofits he supported. billion invested ments. But the firm no longer names
As he built the firm, visitors to rick Healy recalled in an interview: “Over half the firm never knew across 31 bathroom stalls after the bad invest-
Hellman’s office could see a Lucite “They just invested out of their own Warren,” Healy said. companies. ments it has flushed money on.

CONGRATULATIONS TO THE 2024 BAYAREACIO ORBIE® WINNERS

LUCIUS DIPHILLIPS MEERAH RAJAVEL TONY YOUNG DEBORAH MURO

LEADERSHIP SUPER GLOBAL GLOBAL LARGE
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6 OCTOBER 18-24, 2024 • SAN FRANCISCO BUSINESS TIMES

O N SA L E

Downtown Metreon
mall looks for a buyer
ty for investors to “immediately add
value” by strategic leasing of first-
Entertainment destination floor vacancies that could become
anchored by Target, future restaurants. The brochure also
AMC hits the market describes an “incomparable” adver-
tising opportunity when Moscone
Center conferences are in town: Met-
BY ALEX BARREIRA reon’s Fourth Street wall signage faces
[email protected] Moscone West, boasting space for five
40-foot billboards. Advertising reve-
One of San Francisco’s largest malls, nue last year was comparable to 2019.
the Metreon, is on the market. The shopping center sits on 2.7
JLL is marketing the leasehold acres of leasehold land owned by San ADAM PARDEE | SFBT
interest of the 312,592-square-foot Francisco. There are 58 years left on The Metreon mall in San Francisco, anchored by a Target store and an AMC
shopping center adjacent to Yerba the ground lease. multiplex, is looking for a buyer, according to a brokerage firm’s marketing
Buena Center for potential new own- Current owner and manager Star- brochure.
ers, according to a new brochure. The wood Capital Group, a Connecti-
complex is 91.9% leased, dominated cut private equity firm, acquired the representing 23% year-over-year Theater grosses about $996,000 per
by anchors Target and the AMC mov-
ie theater at 135 Fourth St.
“Metreon represents a generation-
$23% complex as part of a $1.1 billion deal
for eight U.S. shopping centers from
then-Westfield San Francisco Centre
growth, according to the brochure.
The Metreon also features a
31,000-square-foot rooftop event
screen, according to JLL, which is
more than twice as high as the chain
average of about $478,000 per screen.
Year-on-year
al opportunity to acquire an icon- increase in sales owner Westfield Group in 2012. venue, City View. Its revenue in 2023 Two more restaurant tenants
ic urban retail asset with immedi- per square foot Opened in 1999, the mall’s Target was $1.8 million, according to JLL. are on the way, according to JLL: A
ate and long term opportunities to for Metreon and AMC anchors account for 61% of The Target store, one of just three HeyTea is slated for the fourth quar-
add value and to shape the future of tenants apart the property’s total income today. The in San Francisco, recently exercised ter of 2024, and a West Coast Sour-
downtown San Francisco,” wrote JLL. from Target and remaining food and beverage tenants a 10-year lease option through 2033, dough is slated for 2025, pending
JLL advertised the opportuni- AMC. average $1,442 sales per square foot, per JLL. The Imax-equipped AMC lease execution.

CONGRATULATIONS TO THE 2024 BAYAREACISO ORBIE® WINNERS

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SAN FRANCISCO BUSINESS TIMES • OCTOBER 18-24, 2024 7

B US I N E SS O F S P O RTS

New Valkyries name team’s head coach

“big heart” and a “love and caring
environment.” That was demon-
strated when Hammon “took me
in,” Nakase said, after Gary Nakase
died in 2021.
Gary had always been Nakase’s
first phone call, and his death hit
Nakase hard.
“I remember (Becky) asking me
the question of, ‘How are you doing
as a person?’ I just completely broke
down because no one ever asked
me that,” Nakase recalled. “I real-
ly want to work for someone where
I’m going to feel comfortable and I’m
“(My father) going to feel loved and cared (for) in
made us that environment.”
play every She picked up the same vibe and
the passion of Warriors and Valky-
single day,
ries owner Joe Lacob has for winning
so that’s during the coach-finding process
all I knew. in which Nyanin, Valkyries Presi-
Because dent Jess Smith and Lacob looked at
coaches from the international, pro-
he was fessional and collegiate ranks.
passionate Over lunch, Lacob said his goal is
about the to win a WNBA championship with-
in five years, with resources includ-
sport, I ing three courts, a weight room and
became a recovery room at the former War-
passionate riors practice facility in Oakland
and the Valkyries’ own locker room
about the for games at Chase Center in San
sport.” Francisco.
RON LEUTY | SFBT “And I was like, ‘Hell, yeah —
Golden State
Golden State Valkyries GM Ohemaa Nyanin and new head coach Natalie Nakase speak at a press conference. we’re going to win a championship,”
Valkyries Head
Coach Natalie Nakase said.
“He made us play every single day, “I remember after games there Nakase Lacob laid out the same auda-
so that’s all I knew,” Nakase said. would be a ton of women just like cious goal for the Warriors after he
WNBA team’s new leader “Because he was passionate about surrounding me after games and say- and Peter Guber led a group that
is first Asian-American the sport, I became passionate about ing, ‘Thank you,’ and I’m like, ‘OK, bought the National Basketball Asso-
the sport.” cool — but we lost, too.’” ciation franchise in 2010.
in league to take role And that takes us back to 2015 as
As she got older, she realized, she One woman came to every game,
was “pretty good at this,” and when Nakase said, and brought treats for Nakase saw the news about the first
BY RON LEUTY it came time for college, she walked the young coach and told Nakase of the team’s four NBA titles over
[email protected] on at UCLA and eventually became through an interpreter, “You’re my the course of eight seasons. After
a starter. hero.” the third championship, Nakase
Natalie Nakase — then an assistant Valkyries General Manager Ohe- “It just completely took me away,” said she had to discover the War-
coach of the Los Angeles Clippers’ maa Nyanin called Nakase “extreme- Nakase recalled. “Now I get it. I do riors’ “secret sauce,” and flagged
NBA Summer League entry — saw ly driven,” a “unifier” and a “hard understand that it’s my responsibil- down Warriors assistant coach Wil-
the news come across her screen: worker.” ity not only to be the first but to set lie Green, whom she knew from her
“Golden State Warriors win 2015 NBA “She loves to ask questions about a good example and push as hard as time at the Clippers.
Championship.” how and why things are happening, I can. That’s why I’m obsessed with “I’m just going to keep this sim-
“I told myself, ‘I want to work which I think is an important trait for winning and winning a lot of cham- ple,” Green told Nakase. “Joe only
with Golden State,” Nakase said Oct. building something from scratch,” pionships … I want to set the standard hires great people.”
10 as she was introduced as the first Nyanin said. with it.” Valkyries leaders hope the mes-
head coach of the WNBA expansion After UCLA, Nakase, a third-gen- It’s the same mindset that has sage is heard as the team starts to
Golden State Valkyries and the first eration Japanese-American, became guided the 44-year-old Nakase assemble its roster, including the
Asian-American head coach in the the first Asian-American to play in through various jobs with the Clip- Dec. 6 WNBA expansion draft, for
WNBA’s 28 seasons. the National Women’s Basketball pers and, most recently, as first assis- its inaugural season next year.
But Nakase’s game goes back League and in Germany before suf- tant coach with the Las Vegas Aces, “We’ve got to be able to compete,”
deeper, to when she was 6 years old fering a career-ending knee injury. where she helped the team win back- Nakase said. “I mean, you have to
and her father Gary pushed her and She then was head coach of a wom- to-back WNBA Championships in love winning and you have to hate
her two older sisters to hit the bas- en’s team in Germany before becom- 2022 and 2023. losing. If losing doesn’t hurt you or
ketball court while growing up in ing the first female head coach in With the Aces, Nakase saw head you don’t feel it, you’re not going to
Huntington Beach. Japan’s top pro men’s league. coach Becky Hammon lead with a do well.”

8 OCTOBER 18-24, 2024 • SAN FRANCISCO BUSINESS TIMES

R E S I D E N T I A L R E A L E STAT E

Buyer demand slow to

respond to rate cuts
the sidelines as they wait for that to
materialize, according to Compass
High-end luxury sales Chief Market Analyst Patrick Car-
continue to outpace the lisle. He said sales figures have not
general housing market been keeping pace with the increase
in listings for sale and that as long as
this happens, listing inventory will
BY TED ANDERSEN continue to increase, which reduc-
[email protected] es the competitiveness of the market.
Overall, the total number of home
With interest rates dropping at the sales in 2024 through September was
turn of the season, this was supposed up about 7.5% from the same peri-
to be the autumn of rebound for San od of 2023. But the number of active
Francisco’s housing market. listings on the market on any given
Instead, it’s largely been the fall day in September was up 30% year LUNGHI STUDIOS FOR SOTHEBY’S INTERNATIONAL REALTY
that fell flat. over year, the highest the number of A view of the grand penthouse at 2121 Webster St. in San Francisco.
New full-month September real active listings has been in two years.
estate data released by Compass Carlisle said that increase has tilt- year was up 35% from the same peri- listed on Oct. 2, the penthouse was
shows that the recent drop in inter- ed the supply and demand dynam- od of 2023. Much of this is likely due first completed in 2016.
est rates through early October has
not, so far, precipitated the substan-
tial rebound in buyer demand that
7.5% ic toward buyers’ advantage, though
many homes are still selling quickly
for over asking price.
to the considerable increase in wealth
of affluent households from the stock
market, he said.
As is the typical seasonal trend,
median house sales prices in the third
quarter saw considerable declines
Home sales in
many in the industry had expected. 2024 through Meanwhile, the luxury submar- Likewise, the city has seen some from the second quarter — from $1.65
As of early October, mortgage September ket has significantly outperformed unique and high-profile properties million to about $1.58 million. This
rates were the lowest since Febru- were up 7.5% the general market, Carlisle said, as come to market recently, such as a occurred in almost every market in
ary 2023, but expectations of further from the same the number of $3 million-plus home $30 million grand penthouse at 2121 the Bay Area, according to Compass
declines are keeping some buyers on period in 2023. sales in S.F. through September this Webster St. in Pacific Heights. Just data.

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 T R A N S I T O R I E N T E D D E V E LO P M E N T
East Bay
Structures
BART STATION PROJECT
SLIMS DOWN AS COSTS RISE
Hannah Kanik
L [email protected]
Same number of units,
@hannah_kanik • 415-288-4960 but one story less
in West Oakland

The development team behind the

DATA C E N T E RS
affordable housing portion of the
West Oakland BART station rede-
Denver-based velopment has slightly scaled back
plans in order to make the project
developer financially feasible.
Oakland-based SUDA reduced
outlines big the 100% affordable apartment
building set to rise at 1451 7th St.
Hayward plan from seven stories to six stories,
while still keeping the total unit
An out-of-state developer wants count at 240 units.
to build a new, massive data Art May, development manager
center in the East Bay. for the project, said in a Sept. 6 letter
Denver-based Stack to the city that the team had raised
Infrastructure submitted plans a “substantial amount of funding”
to build a 310,000-square- for the project and its surrounding
foot, three-story data center infrastructure and secured a part-
in Hayward on an 11-acre site nership with the Oakland Housing JRDV URBAN INTERNATIONALE
home to the Eden Landing Authority. But the post-Covid envi- SUDA has assembled more than $125 million for the project, which has an estimated total
Business Park. It would be one ronment brought higher construc- development cost of $201 million.
of the largest data centers in the tion costs and interest rates that
region. increased development costs. it financing, a highly competitive $125 million for the project, which
Stack plans to tear down nine “The revised design is financial- source of funding for affordable has an estimated total development
buildings on the site totaling ly feasible based on current con- projects. It got even more compet- cost of $201 million. Dones said it
165,000 square feet to make struction costs, interest rates and itive when a $10 billion affordable has applied for tax credits and
room for the new center, located other factors,” May said. “Securing housing bond was pulled from the bonds and are waiting to hear back
at 26010 Eden Landing, as well approval of this minor change to November ballot earlier this year. on whether they will be approved.
as two single-story accessory our planning entitlement is of par- “So many projects in the pipe- The affordable project is one
buildings totaling 1,700 square amount importance to the contin- line were really counting on that,” component of a larger redevelop-
feet, two generator yards and an uation and success of the Mandela said Alan Dones, managing part- ment of the West Oakland BART
on-site substation and switching Station masterplan projects.“ ner at SUDA. “All of those projects station called Mandela Station,
yard. The city issued an $18 million then flooded into the tax credits and Alan Dones, which seeks to transform the park-
“For the city of Hayward, grant from its Measure U funds for bonds [applications]. So that’s part managing ing lot of the BART station into a
the Stack [project] is a huge the project last year, which posi- of the challenge right now.” partner at SUDA mixed-use community hub with
asset when it comes to putting tioned it to apply for tax cred- SUDA has assembled more than LLC more than 760 homes.
Hayward on the map regarding
technology,” Hayward Mayor
Mark Salinas said.
Stack’s website describes its FINANCE
data centers as “AI-ready” with
“hyperscale demand.” It has
already built two mammoth data
centers in Silicon Valley together
Alameda project seeks to leap across funding gap
totaling nearly 1 million square Affordable housing at Alameda Point is Catellus Development Corp. on the buildings with 169 more units and a shelter,
feet. close to being shovel-ready, but securing necessary horizontal development and site will move forward after the first phase is
Many developers and financing remains a big barrier for the improvements. built.
companies have turned away redevelopment project at the former naval An application filed with the city Oct. The fully entitled project has one more
from building these centers air station. 3 revealed plans for the first phase of hurdle to clear before it can go vertical,
in California in part because MidPen Housing, an affordable housing RESHAP. They include two apartment though: financing. The project secured $2
getting the necessary power is developer, put the finishing touches on buildings totaling 78 and 85 units each. million in federal earmark funding, though
a challenge, and because there its design for the first phase of RESHAP, a Nicole Franklin, the city’s base reuse that’s a long way from what it will need:
are already so many data centers 332-unit affordable housing development manager, said plans for the second phase, Development costs for affordable housing
in the state. at Alameda Point, and is working with which includes two more apartment have risen to $1 million per unit.

10 OCTOBER 18-24, 2024 • SAN FRANCISCO BUSINESS TIMES

 RESET
San Francisco
Structures
ANOTHER DOWNTOWN
TOWER IS HEADED FOR SALE
N.C.-based firm has more than $431
billion in assets under management
Sarah Klearman as of the third quarter of this year.
L [email protected] Barings placed 33 New Mont-
@SarahKlearman • 415-288-4930 gomery up for sale at the beginning
of this year with pricing around
$333 per square foot, according to
reporting from the San Francis-
co Chronicle, in an attempt to cov-
A PA RT M E N TS
er the $75 million loan backed by
the building. It later entered talks to
Hines buy sell the 20-story tower to San Fran-
cisco-based investor Rubicon Point
marks its Partners, though that deal nev-
er materialized. Rubicon did not
first in S.F. for respond to a request for comment
Wednesday.
three years A person familiar with the matter
said Barings had in recent months
Hines has acquired a San handed control of 33 New Mont-
Francisco apartment complex, gomery to New York Life, which
growing its portfolio in the
tapped Eastdil Secured to place the
city even as many of its
building back up for sale — this time
development projects remain
with more flexibility in pricing. No
on pause.
record of a foreclosure or deed-in-
Hines Global Income Trust,
a Hines affiliate, acquired a lieu transaction for 33 New Mont-
ground lease for the 87-unit gomery had been recorded with the
Duboce Apartments at 2198 San Francisco Assessor-Recorder’s
Market St. from developer office as of Wednesday.
Greystar for $38 million. The The deal to sell to Ridge, if closed,
deal, which closed Sept. would make 33 New Montgomery
16, values the property at the latest building to trade hands
approximately $437,000 per in the face of lender pressure. And
unit. it would cement Ridge as an addi-
The Duboce is the first asset tion to a growing cohort of repeat
Hines has added to its San buyers for downtown San Francis-
Francisco portfolio since 2021, co real estate in the postpandemic
when it acquired PG&E’s former era. But it would continue to mean
headquarters complex, which OWEN THOMAS | SFBT that no San Francisco transaction
spans an entire city block in San Ridge Capital Investors is in talks to acquire 33 New Montgomery St. for a price in the $300 per has surpassed $100 million in the
Francisco’s Financial District. square foot range. reset era.
Hines said at the time it would Last fall, Ridge acquired 180
remake the block into 1.6 million pricing would value 33 New Mont- Howard St. from the State Bar of Cal-
square feet of office space and gomery in the mid-$70 million ifornia in a $54 million sale-lease-
It’s the second attempt to
$300
800 apartments. It’s not clear range. back deal, stepping in there, too,
that project remains financially sell 33 New Montgomery Ridge declined to comment for after talks between the State Bar
feasible in San Francisco’s
postpandemic downtown, and it for half of 2014 value this article; New York Life could The price per and another buyer fell through.
not immediately be reached for square foot under The sale, which the Business Times
has yet to move forward.
comment. discussion for the selected as one of its Real Estate
In July 2023, the Texas-based
developer and its partners
Lender New York Life Insurance The price of the pending deal, sale of 33 New Deals of the year for 2023, val-
placed Parcel F, a development
Co. is nearing a deal to sell 33 New which has not closed, would just Montgomery, ued the 211,000-square-foot office
site approved for an 800-foot- Montgomery St. after talks between about cover a $75 million loan New toward the building a few blocks west of San
the building’s owner and a previous York Life originated for Connecti- upper end of Francisco’s Embarcadero at rough-
tall mixed use tower, up for
prospective buyer fell through ear- cut-based building owner Corner- San Francisco ly $255 per square foot.
sale. In May of this year, Hines
lier this year. stone Real Estate Advisors. Corner- postpandemic Real estate services firm Avi-
and its partners — operating
San Francisco-based Ridge Capi- stone acquired 33 New Montgomery office deals. son Young is currently advertis-
as F4 Transbay Partners LLC
— missed a deadline to make tal Investors is in talks to acquire the for $147.5 million, or just more ing just more than 97,000 square
the first installment toward a 245,000-square-foot office building than $600 per square foot, in 2014, feet of space at 33 New Montgom-
$40 million penalty payment at 33 New Montgomery for a price according to property records. ery as available through the end of
to the Transbay Joint Powers in a range of $300 per square foot, The firm in 2016 merged with a this year, suggesting the building’s
Authority for the site’s delayed according to multiple people famil- handful of affiliated asset manag- occupancy by December will clock
development. iar with the matter. If realized, that ers to form Barings. The Charlotte, in around 60%.

SAN FRANCISCO BUSINESS TIMES • OCTOBER 18-24, 2024 11

 PA RT N E RS H I P S different target in the liver.
Biotech In the third pact, Insitro
and Lilly will work togeth-
Pharma
Peninsula biotech, big er to discover and develop an
antibody for another meta-
bolic disease target. Then Insi-

drugmaker strike AI deal tro will be responsible for all

remaining development and
commercialization.
the Nobel Prize committee “Nothing about this is tra-
picked the University of Wash- ditional,” Koller said. “Typical-
The deal between ington’s David Baker — the sci- ly pharma licenses technology
Ron Leuty Insitro and Lilly has no entific co-founder of Bay Area from a biotech with big upfront
L [email protected]
big upfront payment startups — and Demis Hassa- economics. In this case, it’s the
@rleuty_biotech • 415-288-4939 bis and John Jumper of Google other way around.”
DeepMind to share the chemis- Financial terms of the deal
Little about the machine learn- try prize for their work in com- weren’t disclosed by the compa-
ing and AI drug develop- putational protein design. nies, but Koller said no upfront
ment work of Insitro Inc. and The timing is ironic, given money is trading hands. Lilly,
BIG NUMBER its founder and CEO Daphne that Koller eschews the AI hype which Koller said is not taking

$100M
Koller is about following the machine. equity in Insitro, will receive
usual, and a fresh deal with Eli Two of the Insitro-Lilly deals payouts if the projects hit cer-
Lilly and Co. underscores that give the 290-employee, six- tain milestones.
Amount Glooko Inc. raised in path. year-old company an option Insitro separately has used
a Series F round, bringing on The privately held South San to license a Lilly drug-deliv- its AI and ML capabilities to seek
medical device industry veteran Francisco company said it inked ery technology around a sugar out genetic targets for neurode-
Mike Alvarez as CEO as the Palo three deals with Lilly targeting molecule used in small interfer- generative diseases and cancer.
Alto company looks to expand
metabolic diseases — that’s not ing RNA, or siRNA, drugs. The “We spent a long time build-
beyond diabetes and hire
unusual. But instead of a small- BETH LABERGE molecule, called N-acetylgalac- ing this engine for discovery. It’s
dozens of people.
er company with hot AI or ML Daphne Koller, founder and tosamine, or GalNAc, will com- not really something anyone
leads landing a big upfront pay- bine with two SiRNA molecules worked on before,” Koller said.
ment to help a big drugmaker, discovered and under develop- “Then we turned the crank and
drugs in the hands of Insitro to
the agreements actually play ment by Insitro. stuff comes out, and we turned
commercialize.
off key contributions from both Each of those potential Insi- the crank more and more stuff
AD_Half_Page_9Month_101X5.3_2024-08_CROPS.pdf The deal comes on the day
companies 1and8/8/24 12:39 PM
put potential tro drugs are directed toward a comes out.”

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12 OCTOBER 18-24, 2024 • SAN FRANCISCO BUSINESS TIMES

C L I N I CA L T R I A LS vides the instructions for mak- B R I E FS
ing a protein that helps regulate

Genentech wins approval East Bay

cell growth, division and surviv-
al. When it is mutated, the PI3K
enzymes becomes overactive, biotech files for
for breast cancer drug
which can lead cancer cells to
proliferate. bankruptcy
The mutation is found in
about 40% of people with hor- Gritstone Bio Inc.
mone receptor-positive metastat- filed for Chapter
ic breast cancers. 11 bankruptcy
Sbearum volecae dem “Despite the high prevalence protection,
labo. doluptaturia non of PIK3CA mutations in this set- joining a handful
ting, treatment options have of life sciences
num, issitate il ium companies to
thus far remained limited, which
makes today’s approval all the seek shelter from
A potential blockbuster cancer more significant,” said Levi Gar- Andrew a sweltering
drug developed by Genentech raway, chief medical officer for Allen, CEO and protracted
Inc. and parent company Roche Genentech and Roche’s head of and co- fundraising
won regulatory approval to treat global product development. founder of drought.
a subset of breast cancer patients, Genentech did not say how Gritstone The Emeryville
more than a month ahead of its much it will charge for the drug. company made
scheduled decision date. In a late-stage clinical tri- the filing in U.S. Bankruptcy Court
Itovebi — also known as ina- al, Genentech said, the regimen in Delaware, days after delivering
volisib — is designed to be given with Itovebi, Pfizer’s palbociclib, disappointing results from a
with drugs from Pfizer Inc. and or Ibrance, and AstraZeneca’s ful- mid-stage clinical trial for its
AstraZeneca plc to treat adults vestrant, or Faslodex, showed it colorectal cancer vaccine.
with locally advanced or meta- reduced the risk of death or the The company, which had
static breast cancer with a spe- cancer worsening by 57% com- cash, equivalents and marketable
cific mutation following recur- pared with the Pfizer and Astra- securities of $40 million as of
rence on or after completing Zeneca drugs alone. Aug. 31, said the filing would
post-surgical endocrine therapy The Food and Drug Admin- help it continue to research
for patients. COURTESY OF GENENTECH istration had been scheduled to and develop vaccines and
The mutation is in a gene, Dr. Levi Garraway, chief medical officer of Genentech and decide in late November wheth- immunotherapies for cancer and
known as PIK3CA, that pro- Roche’s head of global product development er to approve the Itovebi regimen. infectious diseases.

THE CHANGING FACE OF

LEADERSHIP IN BUSINESS NEW EPISODES
Join us as host Crystal Edmonson, senior editor of The
EVERY MONTH
Business Journals, interviews leaders from all walks of life Scan the QR Code to
who have broken barriers and are helping to change the listen now or visit:
face of business leadership and the businesses themselves. BizJournals.com/Pathfinders

SAN FRANCISCO BUSINESS TIMES • OCTOBER 18-24, 2024 13

 COMPETITIONS
BAY AREA
INNO
POWERED BY SFBT
HOW STARTUP’S PROMISE OF
FREE RENT CAME TO NOTHING
and then something like this
really hurts,” said Chelsea Tatola,
William Hicks who runs Kiss My Boba with her
husband, Willy.
L [email protected] The Tatolas said they decided
@realwillhicks • 415-288-4916 to sue Raydiant in San Francisco
Superior Court after the compa-
ny ghosted them following a pro-
longed back-and-forth over what
would be required to open a retail
$30K TO QUIT? food business in a building zoned
The CEO of Automattic, as office space. "It did not
the company that owns the The couple had been planning
popular website builder
work out the
to expand to San Francisco before
Wordpress.com, is paying even hearing about the competition way they had
employees to quit if they — they say Raydiant reached out to pitched it.
disagree with the company’s ask them to participate — to add to
approach to its ongoing legal That's not me
their original location in San Bruno.
battle with WP Engine. The episode with Raydiant caused being mean,
Matt Mullenweg, CEO
them to delay those plans indefi- that's just
of Automattic, earlier this
nitely, Chelsea Tatola says. being honest."
month offered employees
Raydiant had originally expected
$30,000 or six months in Rize Up founder
severance (whichever amount
them to move into the headquar-
Azikiwee Anderson
was higher) to leave, after ters and be up and running in as
on why he turned
acknowledging that many little as three months. One hitch:
down free rent from
did not agree with his legal The building had none of the
Raydiant
strategy. required city permits to operate
In a blog post on Oct. 5, he a retail food business, according
said that 159 people or 8.6% to city records. Chelsea Tatola
of his staff took the deal and said the timeline sounded odd to BIG NUMBER
would not be eligible to be the couple because it had taken
rehired.
The conflict between
around a year to get the permitting
done for their San Bruno location. $100K
Automattic and WP Engine She said that when asked for Cash value
stems from a trademark basic things like running water, Raydiant claimed it
dispute. WP Engine is one of Raydiant demurred. The Tatolas say was offering in free
the largest hosting platforms they soon realized that there would rent. Both contest
for WordPress websites, which be nowhere for employees to wash winners think
are open source and allow their hands, a requirement of serv- otherwise.
other companies to freely ing fresh food.
build new features for the SARA BLOOMBERG | SFBT “We did not ‘ghost’ them,”
platform. San Bruno-based Kiss My Boba was founded by husband and wife team Raydiant CEO Bobby Marhamat
About 40% of all websites Chelsea and Willy Tatola. said in an email. “When they came
use WordPress, according to back with their list of require-
CNBC, while 1.5 million sites promised to feature heavily in the ments, we were working to figure
are hosted on WP Engine. space. out what we could and could not
Mullenweg claimed that Raydiant’s competition The company chose two minori- do with the space. If they want
WP Engine was infringing went so bad that the ty-owned businesses, Rize Up Bak- to use the space, following the
upon WordPress trademarks
winner is now suing ery and Kiss My Boba, as win- requirements we must follow, they
by having WP in the name of
ners. It offered them a prize are more than welcome to use it.”
their company, and sought to
make a licensing deal.
package it claimed had a cash value Raydiant is now countersuing
When the deal failed 2022 was a harsh year for the Bay of $100,000 ($50,000 for each win- the Tatolas. In the cross-complaint,
to materialize he banned Area’s small businesses. So when ner). Along with the free rent, Ray- Raydiant refers to itself as a startup
WP Engine from accessing San Francisco startup Raydiant held diant promised to help build out the of “modest means” and accuses the
WordPress features. a pitch competition offering win- space and offered a $10,000 stipend couple of “overt fraud” by accepting
WPEngine responded ners free rent for a year at a brick- for expenses. the prize and expecting too much
by filing a lawsuit against and-mortar retail space inside its Now over two years later, neither work to be done on the space.
Automattic and Mullenweg, SoMa headquarters, entrepreneurs of the winners have moved into the The startup has raised over $70
accusing the company of lined up. Raydiant develops dig- space and one is suing over a deal million to date from backers like
anticompetitive practices and ital signage and related products gone terribly wrong. 8VC and Mark Wahlberg, and had
trying to extort large sums of for restaurants and other small “It’s really hard to survive as raised a fresh $30 million round two
money out of it, businesses, and its technology a small business in the Bay Area, months after the competition.

14 OCTOBER 18-24, 2024 • SAN FRANCISCO BUSINESS TIMES

 H OS P I TA L I T Y
Travel
Tourism
HOTEL LICENSING BATTLE
COULD COME TO CITY
they book.
“We have licenses for restaurants
Alex Barreira in the city that the Department of
L [email protected] Public Health regularly inspects
@calexbearera • 415-288-4927 and enforces, and we should now
have the same (for hotels),” Ronen
said.
“We’re just getting started,” the
supervisor added. “Hotel owners,
TA K I N G F L I G H T
listen up: these workers and this
Board of Supervisors are standing
United adds hand in hand. You’re not going to
continue to operate in San Francis-
Costa Rica co if you don’t respect our laws and
respect our workers.”

nonstop At the hearing, Supervisors

Rafael Mandelman, Aaron Peskin
and Myrna Melgar expressed sup-
United Airlines will start flying port for the licensing idea.
nonstop daily to San Jose, It’s unclear how closely a future
Costa Rica, from San Francisco licensing requirement would mir-
International Airport, beginning
ror the legislation proposed in New
May 22, 2025, the airline said on
York.
Oct. 10.
The “Safe Hotels Act” there
Currently, no airline flies
would introduce a license for hotels
nonstop from SFO to the Costa
to operate in New York contingent
Rican capital. The dominant
carrier at SFO will now connect
on meeting certain labor and clean-
San Jose with all seven of its U.S. liness standards.
hubs. For instance, hotels would be
It’s the only nonstop United is required to maintain continuous
adding to SFO’s schedule — for front-desk coverage or in some cas-
now. es round-the-clock security guards.
“We will potentially add some It would prohibit hotels from using
more West Coast flying later this subcontractors for functions such
year, so stay tuned for that,” said as housekeeping, front desk and
United executive Patrick Quayle. security work and add require-
United also said it would ments for room cleaning frequency.
resume service to several More than 1,500 San Francis-
destinations earlier in the season co hotel workers are on indefinite
ADAM PARDEE | SFBT
next year, including its nonstop strike. San Francisco is also deal-
from SFO to Barcelona, which ing with significant gaps in its
will start May 1. unions, cuts to the heart of issues major Moscone Center convention
— Mark Calvey at dispute in collective bargaining calendar.
Operators fear between San Francisco hotel oper- Amid an More than half a dozen hotels are
Q U OTA B L E another ‘Healthy ators Hyatt, Hilton and Marriott and ongoing strike, in default or foreclosure, while SF
Buildings Ordinance’ workers’ labor union Unite Here San Francisco Travel, the city’s destination mar-
“We’re seeing high- Local 2. is considering keting organization, has pulled
In San Francisco, operators are new licensing emergency levers for additional
yielding volumes A tense battle over proposed hotel looking to avoid another regulatory requirements for funding.
that are taking license requirements in New York burden like 2020’s Healthy Build- hotels. In August, San Francisco hotel
our existing flights could be heading to San Francisco. ings Ordinance, which introduced revenue was just 61% of its 2019
At a Board of Supervisors hear- labor-intensive cleaning standards level for the same month — well
(to San Jose), and ing on Oct. 8 before hundreds of hotels claimed would collectively below cities including New York,
they’re connecting in striking hotel workers, District 9 cost them tens of millions of dol- Seattle, Los Angeles and San Diego
Houston. So, we’re just Supervisor Hillary Ronen said she lars annually. Lobbying groups sued — according to a city report.
is considering sponsoring an ordi- the city but failed to overturn the A perennial top-three market
making it easier for nance similar to a proposal in New legislation. pre-Covid, San Francisco “remains
those in the Bay Area York that would tie hotel licenses to Ronen said she has asked the the worst performing top 25 mar-
to fly nonstop.” new staffing requirements. city attorney to draft legislation ket by a wide margin” compared
The New York measure, panned to require hotels to be licensed with 2019, per a report this month
Patrick Quayle, senior vice by hotel interests as “abrupt and and regularly inspected “so guests from the California Hotel & Lodging
president, United Airlines destructive” and endorsed by know what they’re getting” when Association.

SAN FRANCISCO BUSINESS TIMES • OCTOBER 18-24, 2024 15

 C OV E R STO RY | T H E TO L L O F P RO P. 19

16 OCTOBER 18-24, 2024 • SAN FRANCISCO BUSINESS TIMES

PROP. 19 BRINGS
BIG TAX BILLS 
BUT NO REVENUE
Sold as relief for seniors and wildfire victims, law brought
higher property taxes, without funds it was meant to generate
little-known state law to 2% annually, for residential and

A
that went into effect commercial properties alike. Prop-
during the pandemic is erty is fully reassessed only when
now wreaking havoc on sold; those who have held proper-
transfer of property between gen- ty for decades have seen values sky-
erations, landing some with a sur- rocket at the same time Prop. 13 has
prise tax bill of tens of thousands held down their tax bills.
BY TED of dollars and forcing others to sell Over the years, Prop. 13 tax pro-
ANDERSEN long-held family property outright. tections were extended to genera-
tandersen@
Proposition 19, billed as “The tional transfers of family property.
bizjournals.com
Home Protection for Seniors, In 1986, Prop. 58 let children inher-
Severely Disabled, Families, and iting a home take over their parents’
Victims of Wildfire or Natural Disas- tax basis. Prop. 193 extended this
ters Act,” was approved by 51% of right to grandchildren in 1996. So
state voters in November 2020, less when a home was passed down, the
than two months after San Francis- previous owner’s tax basis — often
co’s skies famously turned orange dating back decades — went with it.
from Northern California wildfires. Prop. 19 made it easier for
But behind the scenes was the Cal- seniors, the disabled and those
ifornia Association of Realtors, who lost homes to wildfires to
which stood to benefit if punishing keep their existing tax basis if they
new tax bills hidden within Prop. 19 moved house. Those were provi-
led to more home sales. The group sions highlighted by sponsors like
contributed $45 million to passage. then-Sen. Jerry Hill, D-San Mateo,
Now those tax bills are starting and assemblymembers Rob Bonta,
to come due as more properties pass D-Oakland, and Bill Quirk, D-Hay-
Ann McGuire, from one generation to the next. ward, and supporters like the CAR.
who turns 91 How did this happen? Less noticed was its repeal of Prop.
in November, 58 and 193 tax protections for heirs.
fears Prop. 19 Tinkering with Proposition 13 Now, those who inherit a sin-
could sideline First, a bit of history: Nearly a half gle-family home and turn it into
her careful century ago, California enshrined their primary residence get a lim-
plans to ensure into law a promise that property ited tax break: the home is reas-
support for her taxes would not rise so quickly as sessed to its current value, but they
disabled son to force owners out of their homes. can shield its “factored base year
after her death. Proposition 13 in 1978 capped prop- assessed value”(the original assess-
erty tax bills at 1% of assessed value,
ADAM PARDEE |
SFBT and limited assessment increases CONTINUED ON PAGE 18

SAN FRANCISCO BUSINESS TIMES • OCTOBER 18-24, 2024 17

 C OV E R STO RY | T H E TO L L O F P RO P. 19

“Once they are gone,” she said

of the units, “there is no income,”
she said.

What were they thinking?

Aside from the CAR and its polit-
ical allies, the reassessment provi-
P sions of Prop. 19 have defenders.
“The response Giving heirs a permanent tax break
on inherited homes or rental prop-
I get from erties extends the privilege of those
many people with the good fortune to have par-
is being ents or grandparents who owned
California property decades ago,
angry, a group that is racially and demo-
disappointed, graphically different than the state
disillusioned today. Those heirs are already sit-
ting on substantial wealth given
and shaking the massive increase in real estate
of the head: values since then. Renters and new-
‘Why would er arrivals have none of this. And,
Prop. 19 defenders point out, there’s
they do that an easy way to avoid the tax hit: Sell
to us during the home, take your inheritance in
this time?’” cash and know that you’ve helped
to boost the supply of housing avail-
San Francisco
able to others.
Assessor
Some San Francisco property
Joaquin Torres
owners saw Prop. 19 coming. Right
before the law went into effect on
Feb. 16, 2021, families in the city
COURTESY OF MARIANNE OSBERG
scrambled. According to data from
Marianne Osberg at a Fix Prop. 19 rally in Pacifica. Prop. 19 opponents hope to bring repeal to the ballot. the Assessor’s Office, there were
1,941 “claims/exclusions” — proper-
ties transferred without a reassess-
CONTINUED FROM PAGE 17 and retired teachers and people on saved from her job as a nurse at ment — approved in 2018, 2,018 in
housing, and I’ve got folks just start- Laguna Honda until she was able 2019 and 2,314 in 2020. But in 2021,
ment, adjusted over the years by ing out so they can buy their first to put enough money down in 1986 from just Jan. 1 to Feb. 16, the city
Prop. 13) and an additional $1 mil- home, tradesmen and folks who are to secure a mortgage for a then- approved 3,456.
lion. They pay the existing tax plus self-employed,” she said. “I’m hav- $300,000 duplex near 19th Avenue “Here you can see the rush of
any difference. Those who don’t ing to pass that cost on to them just and Lake Street. The idea was that taxpayers seeking to transfer their
occupy the inherited home as their to make it because I’ve got to repair all that hard work and decades of property before the new rules were
primary residence pay tax based on things. I can’t just eat that cost. struggle would yield rental income put into place,” San Francisco Asses-
its full current market value (see “Meanwhile, they are giving tax that could support her disabled son sor Joaquin Torres said. “In a one-
illustration, page 19). breaks to developers to build afford- after she was gone. and-a-half-month period, our office
Owners of rental property lack able housing and they are punish- “The reason I was able to hang saw more claims than the entire year
even those limited options, as Paci- ing mom-and-pop landlords who on was because I was scared to let prior.”
fica’s Marianne Osberg discovered are trying to provide it,” she said. go and I had Vaughn to look after,” Torres said that multiunit prop-
when she took over a 28-unit apart- “That is really wrong.” she said. erty-owning families in San Fran-
ment complex in Sharp Park after Ninety-year-old Ann McGuire The tax increase that will be com- cisco, who often parked their money
her mother passed away. bought her first San Francisco ing to her son after she passes away in real estate, have been particular-
“The property taxes on one property in the late 1960s for less may make it all for naught. Her long- ly interested in the financial burden
building alone went up $50,000 than $30,000. Her husband had time tenants pay below market rent of Prop. 19. He said when his office
on top of what we already pay,” she left after she had given birth to her — a fact she had been proud of — but reached out to property owners
said, adding that the property also son, Vaughn, who was diagnosed coupled with rent control and the in the city, especially those whose
requires a lot of upkeep. “It went with osteogenesis imperfecta, also rising cost of insurance, a much big- rental properties were at risk of
from around $20,000 — and that known as brittle bone disease. ger tax bill will push the McGuire’s being reassessed, the reaction was
includes the sewer bill — and now Between the challenges of being rental business into the red. A build- one of dismay, especially as insur-
it’s over $70,000.” a single mother and Vaughn’s ing sale would provide money for ance costs have also skyrocketed.
Osberg said it forced her to many bone fractures and medi- her son to live off of, but for how “The response I get from many
raise the rents. “I’ve got current cal appointments, she for decades long? people is being angry, disappoint-

18 OCTOBER 18-24, 2024 • SAN FRANCISCO BUSINESS TIMES

PASSING DOWN A HOME BEFORE AND AFTER PROP. 19
Tax rules have changed, leaving some of those who inherit residential or rental
property facing a sharply higher property tax bill. The example below is for
a median-price, single-family San Francisco house bought in 1985, used as a
primary residence and passed to an heir or heirs in 2024. (The tax payment is
for the first year only; after that it can rise by up to 2% per year under Prop. 13.)
(Note: All numbers are estimates. For simplicity, example includes only property taxes and not
additional special assessments that appear on most tax bills.)

EXAMPLE
ORIGINAL PRICE (1985): $179,500
“FACTORED BASE YEAR ASSESSED VALUE” FOR 2024-2025 TAX YEAR: $365,925
CURRENT VALUE: $1.7 MILLION | CURRENT TAX PAYMENT: $3,659

BEFORE PROP. 19
Heir keeps old tax basis.

NEW PROPERTY TAX

$3,659
SOURCES: FEDERAL RESERVE BANK OF ST. LOUIS,
MULTIPLE LISTING SERVICE, CALIFORNIA BOARD OF EQUALIZATION

AFTER PROP. 19 AFTER PROP. 19

If heir turns house into primary If heir does not turn house
residence within one year: into primary residence
House reassessed. Heir can shield within one year: House
$1,365,925. Pays old tax, plus 1% on reassessed. Heir pays 1% of full
assessment beyond shield. reassessed value.

NEW PROPERTY TAX NEW PROPERTY TAX

$7,000 $17,000
ed, disillusioned and shaking of the lion per year for the state with part San Francisco has seen no 19 is expected to be more obvious
head: ‘Why would they do that to us of it designated for new fire-preven- noticeable benefit either. “We are in the long run and we anticipate
during this time?’” he said. “I really tion programs. But a closer look at not tracking to date right now how Prop. 19 to have a sustainable, pos-
feel that this measure was sold on state finances reveals that zero dol- and what the implications are from itive contribution to the housing
the backs of our fear. It was basi- lars have been transferred to the a (tax) roll perspective,” Torres said. supply in California in the long run
cally a month after the sky turned California Fire Response Fund and “We have not done that analysis.” as rates continue to ease in the next
orange, and I don’t think time was the County Revenue Protection Even CAR has seen limited bene- couple years.”
taken to really educate us on the Fund since 2021. fits from so far despite outspending For those facing big tax increas-
realities of these implications and Specifically, in three years of Prop. 19 opponents 100 to 1. es, the failure of Prop. 19 to deliver
how we are going to affect from an reports from the California Depart- “Any impact of Prop. 19 was on its supposed benefits just rubs
equity perspective changes to inter- ment of Finance, no increase in state clouded by the negative effect of more salt in their wounds.
generational transfer of property.” income tax revenues has material- higher interest rates in the past “That money was supposed to go
ized under Prop. 19. This is because couple of years, as elevated rates to a fire fund and then you find out
Where did the money go? some taxpayers have been able to increased costs of borrowing and that it hasn’t been funded. Where’s
Prop. 19’s promised financial ben- deduct higher real estate taxes from tightened up housing supply,” Lou that money?” Osberg said. “If I’m
efits have largely failed to appear. their gross income, lowering their Lotus, CAR’s public relations direc- going to spend that kind of money
Proponents had projected that income tax liability, though feder- tor, said in a statement to the Busi- — $50,000 more — I’d like to know
Prop. 19 would raise about $4 bil- al law now limits such deductions. ness Times. “The impact of Prop. where it’s going.”

SAN FRANCISCO BUSINESS TIMES • OCTOBER 18-24, 2024 19

COMPILED BY ARI MAHRER | L [email protected]

Community Benefit/Business Improvement Districts

RANKED BY 2023 TOTAL REVENUE
Organization name Address 2023 total 2023 assessment 2023 nonassessment Lbs. of trash
Website Phone revenue1 revenue2 revenue1 # of parcels 3 # of blocks4 removed in 2023 Executive director(s)

1 Front St. #2900 Includes all hotels and

Moscone Expansion District $21.83 $21.83
1 oewd.org/moscone-expansion-district
San Francisco, CA 94111
million million
$1,440 NR short-term residential NR NR5
415-227-2605 rentals in San Francisco
San Francisco Tourism Improvement 1 Front St. #2900 Includes all hotels and
$18.39 $18.37
2 District San Francisco, CA 94111
million million
$22,206 NR short-term residential NR NR5
sftid.com 415-227-2605 rentals in San Francisco

Union Square Business Improvement 323 Geary St. #203 $9.17 $7.21 $1.96
3 District dba Union Square Alliance San Francisco, CA 94102
million million million
620 27 410,975 Marisa Rodriguez
visitunionsquaresf.com 415-781-4456

Emery Go Round/Citywide Property and 1300 67th St. $5.92 $4.37 $1.55 Includes the entire city of
4 Business Improvement District Emeryville, CA 94608
million million million
NR
Emeryville
NR Daniel Oliver
emerygoround.com 510-451-3862

The East Cut Community Benefit 160 Spear St. #415 $5.14 $4.6
5 District6 San Francisco, CA 94105
million million
$543,028 3,277 57 90,525 Andrew Robinson
theeastcut.org 415-536-5880

Downtown Community Benefit District 235 Montgomery St. #948 $4.97 $4.21
6 dba Downtown SF Partnership San Francisco, CA 94104
million million
$761,426 669 43 95,050 Robbie Silver
downtownsf.org 415-634-2251

1182 Market St. #213

Civic Center Community Benefit District $4.76 $3.19 $1.57
7 sfciviccenter.org
San Francisco, CA 94102
million million million
722 43 169,415 Tracy Everwine
415-658-7979

North of Market/Tenderloin Community 512 Ellis St. $4.72 $2.16 $2.57

8 Benefit District San Francisco, CA 94109 million million million 800 41 932,670 Kate Robinson
tlcbd.org 415-292-4812

1066 Howard St.

SoMa West Community Benefit District $4.31 $3.42
9 swcbd.org
San Francisco, CA 94103 million million $894,736 2,700 107 994,330 Christian Martin
415-960-7228

5 3rd St. #914

Yerba Buena Community Benefit District $4.12 $3.61
10 ybcbd.org
San Francisco, CA 94103 million million $510,304 1,983 17 502,500 Scott Rowitz
415-644-0728

Downtown Oakland Community Benefit 388 19th St. $2.83 $2.5 Steve Snider, Andrew
11 District Oakland, CA 94612 million million $325,750 890 40 337,490 Jones, Tori Decker
downtownoakland.org 510-238-1122

901 Market St.

Mid Market Community Benefit District $2.61 $1.72
12 midmarketcbd.org
San Francisco, CA 94103 million million $890,282 900 33 161,975 Tracy Everwine
415-957-5985

Downtown Berkeley Property Based 2000 Allston Way P.O. Box 105 $2.16 $1.99
13 Business Improvement District Berkeley, CA 94701
million million
$176,709 278 30 337,427 John Caner
downtownberkeley.com 510-549-2230

Lake Merritt/Uptown Community 388 19th St.

$1.97 $1.9 Steve Snider, Andrew
14 Benefit District Oakland, CA 94612 million million $70,703 NR 42 254,598 Jones, Tori Decker
downtownoakland.org 510-452-4529

Fisherman’s Wharf Landside Community 2801 Leavenworth St. 2nd Fl.

$1.51 $1.28
15 Benefit District San Francisco, CA 94133 million million $231,197 198 30 34,469 Randall Scott
fishermanswharf.org/fwcbd 415-673-3530

693 14th St.

Castro Community Benefit District $1.36
16 castrocbd.org
San Francisco, CA 94114 million $711,186 $644,533 586 28 212,325 Andrea Aiello
415-500-1181

333 Broadway
Jack London Improvement District $1.34 $1.26
17 jacklondonoakland.org
Oakland, CA 94607
million million
$83,800 1,420 76 234,670 Savlan Hauser
510-267-0858

1170 Sutter St.

Lower Polk Community Benefit District $1.29 $1.01
18 lowerpolkcbd.org
San Francisco, CA 94109
million million
$280,000 307 22 NR Chris Schulman
415-775-1180

Oakland Chinatown Community Benefit 638 Webster St. #220

$1.26 $1.26
19 District Oakland, CA 94607
million million
NR 1,116 52 NR Tony Trinh
chinatownoakland.org 510-833-1467?

255 Shoreline Dr. #150

Redwood City Improvement Association
20 visitrwc.org
Redwood City, CA 94065 $930,820 NR NR 203 39 NR Gloria Arteaga
650-362-5017
1 Actual figure. If actual numbers are unavailable, budget numbers are used instead. 3 May be approximate. 6 Formerly the Greater Rincon Hill Community Benefit District.
Non-assessment income includes grants, contributions, and other support. 4 May be approximate. Includes both full and partial blocks.
2 Actual figure. If actual numbers are unavailable, budget numbers are used instead. 5 SFTID and MED are managed by the San Francisco Tourism Improvement District
Nonassessment income includes grants, contributions, and other support. Management Corp. They do not have an executive director.

ABOUT THE LIST: This List includes Community Benefit Districts and Business Improvement Districts in the SFBT coverage area of Alameda, Contra Costa, Marin, San Francisco and San Mateo counties. Information was obtained through annual reports and district
management plans.
NOTES: NR – not reported.

20 OCTOBER 18-24, 2024 • SAN FRANCISCO BUSINESS TIMES

Which community benefit districts are working?
trict and Jackson Square. It came at
a time when the area, ravaged by the
pandemic and a drastic drop in foot
traffic, was in need of new ideas.
Under Executive Director Robbie
Silver, the group has put one of the
city’s larger CBD budgets into proj-
ects meant to redefine the neigh-
borhood from an office-commuter
monoculture to an all-hours enter-
tainment zone.
The group is forward-thinking
with data, compiling reports on foot
traffic and leasing that monitor the
area’s recovery progress and feed a
narrative of a turnaround.
The aim, Silver said, is to be “nim-
ble enough to tackle challenges and
large enough to leverage a collective
impact.”

Moscone Expansion District

and San Francisco Tourism
Improvement District
The city’s two largest community
benefit districts differ radically in
their scope. They fund SF Travel and
Moscone Center, and look to national
and international audiences.
In 2023, assessments on night-
ly hotel and short-term rental stays
ADAM PARDEE | SFBT
pulled in nearly $40 million between
them. The TID funds a majority of
San Francisco illustrate how these then with the help of private grants. SF Travel’s budget, helping the tour-
organizations have weathered the Horikiri has made a point to stay on ism promoter market the city to lei-
CBDs help businesses that uncertainty of a global pandem- top of social media; young interns sure tourists, corporate travelers and
fund them to punch above ic with their specific goals, which have helped grow its Instagram from event organizers around the world.
their weight politically range from preserving a century-old 700 followers to 12,000, on par with The MED primarily funds payment
cultural district to building the foun- the accounts for larger neighbor- for Moscone’s $500 million expan-
dations for a new neighborhod and hoods like Fisherman’s Wharf. An sion (completed in 2019) and other
BY ALEX BARREIRA even reviving the city’s reputation on emphasis on cultural events, such as upkeep. Both funnel money to help
[email protected] the world stage. GodzillaFest, have also boosted visits. make Moscone a top destination for
It all seems to be working: Japan- large group meetings.
San Francisco’s known for its micro- Japantown CBD town is the only neighborhood in San Both the MED and TID are gov-
climates. But its 17 community bene- Grace Horikiri, the district’s exec- Francisco to generate more sales tax erned by the same board of hospi-
fit districts help support what we can utive director, noted that while the than in 2019 two years in a row. tality stakeholders: general manag-
think of as microeconomies: neigh- majority of Japantown CBD’s bud- Still, Horikiri sees challenges in ers of large hotels, officials from SF
borhood retail strips that need pro- get funds regular cleaning services the near term. After keeping assess- Travel and city agencies and other
saic services like extra street cleaning — a primary function of most CBDs ments at the same level since 2017 industry representatives.
as well as an advocacy boost. — the group has stretched its remain- (to the astonishment of other CBD The TID approved in August an
These public-private partner- ing dollars with relationships and leaders, she notes with a chuck- Grace Horikiri, emergency rate increase. SF Trav-
ships, fueled by assessment reve- support for cultural events. With the le), Horikiri plans to increase future Executive el has also recently increased its
nues from its member businesses, help of SF Travel, a steady stream of assessments slightly in anticipation Director for membership dues to draw in more
vary wildly in scope and ambition. tourism writers and international of a drop in available grant funding, the Japantown all-purpose funds.
At their best, they serve as the con- delegations, including VIP gather- given the city’s budget crunch. Community SF Travel has projected a rough-
nective tissue between City Hall and ings during last year’s APEC confer- Benefit District, ly $51.4 million TID budget for 2024,
the everyday corner store, combin- ence, have helped bolster awareness Downtown San Francisco works to raise though that “assumes a return to
ing political access and fundraising of one of America’s three remaining Partnership the profile prepandemic levels of activity.” That
power with the approachability and Japantowns. The city’s newest district, the Down- of one of the doesn’t take into account the new
on-the-ground expertise. A recent innovation is a network town San Francisco Partnership, country’s three emergency funding, which doesn’t
Though it’s challenging to cap- of community-run security cameras, was established in 2021 and covers remaining kick in until November, or a still- slug-
ture their diversity, four districts in established in 2018 and grown since 43 blocks across the Financial Dis- Japantowns. gish environment for business travel.

SAN FRANCISCO BUSINESS TIMES • OCTOBER 18-24, 2024 21

 PUBLIC RECORDS INFORMATION TO BUILD YOUR BUSINESS

San Francisco Public

Records is a weekly
summary and limited
S F B T scorecard
A weekly and year-to-date summary of public records collected by the San Francisco Business Times through Oct. 11
display of public
records and legal
filings collected Bankruptcies Lawsuits Judgments Federal Tax Liens State Tax Liens New Businesses Real Estate Transactions Mechanics Liens
from courthouses, 1 11 1 11 22 20 58 1
government offices
and other federal, Current Week
state and municipal
online data portals
covering the 3 88 3 5 60 267 389 14
counties of Alameda, Week Prior
Contra Costa, Marin,
San Francisco and
San Mateo.
2 99 4 16 38 247 331 13
SEE ALL
THE DATA 2024
Listings for each
85 3,228 250 239 1,566 10,721 16,268 747
category may
vary from week 2023
to week because
of information 109 3,522 192 326 1,554 12,122 16,188 591
availability and
space constraints. To
NOTE: RECORDS COLLECTED FROM JAN. 1 THROUGH THE CURRENT REPORTING PERIOD
see all of the public
records from every
category collected
for the Bay Area
area, visit
bit.ly/SFBT_Records.
In addition, the
scorecard at right Key Lien Data Commercial Real Estate Transactions
tracks records for the The following includes summary data about federal, Top transactions for the week ending Oct. 11
entire calendar year state and mechanics liens collected by American
to provide a global City Business Journals through Oct. 11 SELLER BUYER PROPERTY ADDRESS AMOUNT DOCUMENT NUMBER
view of the key
333 Fremont Apartments Prop 333 Fremont St., San Francisco
categories collected. 333 Fremont Venture LLC $44,250,000 2024069908
Federal Tax Liens Filed Owner LLC 94105
THE SECTIONS Dollar value of all federal tax liens GBN Partners LLC Cielo - Antioch LP Sand Creek Rd., Antioch 94531 $20,000,000 2024-0095814
collected this week:
San Francisco Oakland Affordable Housing Group 935 Geary St., San Francisco
$161,796
Public Records is a Geary Ninth DE LLC $9,050,000 2024071411
II LP 94109
selection of records
collected weekly 1715-1745 Cortland Ave., San
New federal tax liens collected this week: 5 Eric Bugna and Christine Bugna Toland 1 LLC and 1715 Cortland LLC $8,000,000 2024069819
Francisco 94110
by American City
Business Journals, 5200 Franklin Dr., Pleasanton
Value Received Franklin Partners LP Teichert Land Co. $5,985,000 2024093400
parent company of Federal Tax Liens Released 94588
the San Francisco Dollar value of all released federal tax liens
recorded this week: U & I Enterprises LLC Twc Property Holdings LLC 1275 Pine St., Walnut Creek 94596 $5,500,000 2024-0093520
Business Times.
1556 University Ave., Berkeley
Records displayed
in print may vary
at the discretion of
$38,481 1598 University Avenue LLC University Ave Ground Owner LP 94703
532-536 Sutter St., San Francisco
$5,000,000 2024095166

Total federal tax liens released this week: 1 Wilshire Quinn Income Fund Reit LLC 532 Sutter LLC $4,875,000 2024071040
the Business Times' 94102
editors. Lindsey Anne Nunn Houd and Lindsey 10971 Brentwood Blvd.,
Ronald Nunn Family Limited Partnership $4,600,000 2024-0094333
Anne Nunn Houd Declaration of Tr Brentwood 94513
VARIABLES &
LIMITATIONS 450 Hayes St. #C2, San Francisco
State Tax Liens Filed SRT SF Retail I LLC HFGO Investors LLC 94102 $3,683,000 2024070627
Records by category Dollar value of all state tax liens collected this week:
and count will vary 240-250 Church St., San Francisco
250 Church LLC Coscinelle LLC $3,500,000 2024069491
by week because of
normal volatility in $6,640,785 94114

SOURCE: ICE MORTGAGE TECHNOLOGY

recording volume, New state tax liens collected this week: 60
information a
vailability, filing
State Tax Liens Released
schedules and access
constraints regulated
Dollar value of all released state tax liens
recorded this week:
Mechanics Liens
by each public-filing The largest mechanics liens ranked by dollar value filed for the week ending Oct. 11
entity.
$508,800 CLAIMANT CONTRACTOR OWNER AMOUNT
QUESTIONS
Total state tax liens released this week: 10 Webcor Construction LP dba Webcor 742 Grayson Owner LLC Four Embarcadero Center $1,066,997
To learn more
about the collection Regent5 LLC Polytec Construction Co. Fantasy Planet LLC $310,153
methods, coverage
Regent5 LLC Polytec Construction Co. Longevity and Wealth LLC $310,153
areas and use
Mechanics Liens
restrictions related AC Enterprises Inc. Guardian/KW Hilltop LLC Guardian/KW Hilltop LLC $199,403
Dollar value of all mechanics liens collected this week:
to San Francisco
Public Records,
please contact us at $2,583,166 Bigge Crane and Rigging Co.
Carbajal Mechanical
Ciarra Construction Services
RDS Contracting Inc.
HANIMP JV North Rollins Burlingame CA LLC
Security Public Storage - El Cerrito LLC
$186,129
$127,000
877-593-4157.
New mechanics liens collected this week: 14 Axel8 Construction LLC Turnkey Deals LLC Turnkey Deals LLC $93,439
Martins Paving Inc. Unlimited Communication Crown Castle $86,100
JLS Environmental Services Inc. Blackstone Development Pomfret Estates Inc. $79,160
AC Enterprise Inc. Colina HOA Colina HOA $57,555
Aegis Enterprises Inc. dba Aegis Fire Systems Inc. RCC Construction Inc. Baniqued Commercial Real Estate $20,205

22 OCTOBER 18-24, 2024 • SAN FRANCISCO BUSINESS TIMES

ALAMEDA COUNTY
Nathan R. Gilliland and
Lot 3 ID 417-282-25,
$1,805,000. Residential Real Estate Transactions St., San Francisco 94115,
Western Addition ID 0653-
Lot 38 Portola Valley
Ranch 4 Town Of Portola
Teresa R. Gilliland to Geri Michele Clerk and A sampling of new residential deed transactions collected by American City Business Journals through Oct. 11 003, $3,308,000. Valley ID 080-522-070,
Katherine Maria De Leon Geri Michele Adams to SF Community Housing $3,850,000.
and The 2024 De Leon Fab 8 Brewer LLC, Buyer LLC to Wilfredo Solis and HJ Investment
Family Trust, Property Address: 2515 Veneto Current Week Prior Week Current Year Prior Year Yim Chan, Buyer Address: Development LLC to
Address: 139 Waldo Ave., Ct., San Ramon 94583; 138 Divisadero St., San Benjamin Michael Wang
Piedmont 94611, Lot 24 Property Address: 1629 Francisco 94117; Property and Victoria Shaw Fan
Blair Homestead Tract ID Santa Clara Ave., Alameda 342 307 15,225 15,011 Address: 1930-1934 Wu, Buyer Address: 206
50-4532-25, $3,225,000. 94501, Lot 1-3 Plat Of Powell St., San Francisco Athena Ct., Mountain
The Norton Property Year-to-date totals include residential real estate transactions recorded from Jan. 1 through the most recent collection date. 94133, 50 Vara ID 0076-
Joseph K. Siino and Sheri View 94043; Property
Alameda ID 72-318-26, 022, $3,195,000. Address: 2058 Menalto
L. Siino to Daniel Viehoff
$1,800,000. Ave., Menlo Park 94025,
and Thania Sanchez, SAN MATEO
Property Address: 2709 Stephen M. Tong to 94506, Lot 48 Subdivision B. Hyttfors, Property Francisco 94103, Mission 0441A-010A, $3,825,000. COUNTY Lot 19 The Charles Weeks
Woolsey St., Berkeley Lawrence Wong and 9291 Magee Preserve Address: 27 Edgemont Cir., ID 3570-001, $7,833,333. Suheil J. Totah and Poultry Colony Fourth
ID 202-430-019-2, Walnut Creek 94596, Lot 3 Umesh K. Sabharwal Addition ID 063-441-070,
94705, Lots 1/2 Colby Karen Laubhan-Wong, William J. Ready and Nancy Jean Totah Baba
$3,288,000. Subdivision 2800 ID 187- and Umesh K Sabharwal $3,800,000.
Tract ID 52-1563-28, Property Address: 369 Lucy A. Pyles to Frank to Peninsula Partners
Robert Louis Stevenson 271-010-6, $2,130,000. Qualified Personal Res to
$2,510,000. Joerg Heidrich and Karin D. Lee and Mary Anne 17th St LLC, Buyer Eva C. Lenmark and
Ave., Alameda 94501, Three Bridges LLC, Buyer
Rachel Harris and Rachel Maria Heidrich to Kurt Shashi Vardhan Reddy S. Lee, Buyer Address: Address: 25 Buckingham Address: 829 Alameda Nicole I. Young to
Lot 97 ID 74-1356-120, Robert Brown and Mina Kauravila to Uday Sai 46 Garden Rd., Wellesley, Ct., Hillsborough 94010;
Harris Living Trust to De Las Pulgas, Belmont Vignesh B. Iyer and
$1,775,000. Matin, Buyer Address: Kumar Atla and Sreedevi Mass. 02481; Property Property Address: 4170
Emily Starr Bean and 94002; Property Address: Chandrika P. Iyer,
Ryan Michael Cole, Max Alvarado LLC 2808 Clay St., San Atla, Property Address: Address: 4267 24th St., 17th St., San Francisco 190 Tobin Clark Dr., Property Address: 229
Property Address: 1720 and Norcal Capital Francisco 94115; Property 2202 Mornington Ln., San San Francisco 94114, 94114, Lot 101 Parcel Map Hillsborough 94010, Lot Stevens Ct., San Carlos
Carleton St., Berkeley Investments LLC to Address: 3741 Waterford Ramon 94582, Lot 115 Horners Addition ID 6505- Of A Portion Of Horners 20 The Map Of Tobin Clark 94070, Lot 11 Map Of
94703, Lot 7 Case Tract ID Lawrence R. Schlager and Ln., Walnut Creek 94598, Subdivision 8774 ID 223- 036, $6,800,000. Addition Block ID 2623- Estates No 6 ID 038-423- Brittan Heights Unit No 3
54-1810-25, $2,400,000. Lyn Schlager, Property Lot B Parcel Map Ms 806- 430-012-3, $2,010,000. 101, $3,820,000. 150, $6,800,000. San Carlos ID 050-541-
Wendi Christine Van Der
Address: 35555 Palomares 90 ID 138-030-043-2, Brian C. Longo and Meer and Wendi Christine JS Pacific Street Partners 110, $3,200,000.
Benjamin Ira Stiegler $3,250,000. Bettina Mcadoo and The
Rd., Castro Valley 94552, Mindy Z. Longo to Uri Van Der Meer Rev Tr LLC to C Wolcott Henry
and Barbara Lynn Russell 1988 Revocable Lu Cheng and Frances
ID 85A-4700-2-39, Andrew Mattock and Rosenberg and The Uri to Slave Jovanovski, III and C Wolcott Henry
Gross to Soren Joseph Trust to John Hodge and Zhang to Medet Zira and
$1,750,000. Marie Ingela Susanne Rosenberg Trust Dated Property Address: III Revocable Trust, Buyer
Peterson and Jennifer Stacey Keare, Property Gulbaran Zira, Property
Judson Esch, Property Jennifer M. Kennedy Lundgren to Eric D. Sipf 8242007, Property 1372 Francisco St., San Address: 600 S. US Hwy. 1
Address: 297 Mapache Address: 1225 Roble Rd.,
Address: 311 Mandalay and The Kennedy Family Jr. and Danielle S. Sipf, Address: 34 Grey Whale Francisco 94123, Western #310, Jupiter, Fla. 33477;
Dr., Portola Valley 94028, Millbrae 94030, Lot 21
Rd., Oakland 94618, Lot Trust of 1996 to Desiree Property Address: 20 Place, Bethel Island 94511, Addition ID 0473-013A, Property Address: 1580
Lot 132 Tract No 739 Mills Estate No 20 Millbrae
9 ID 48B-7125-1-30, Woods and Emily Camden El Patio, Orinda 94563, Lot 465 Subdivision 6013 $6,750,000. Pacific Ave. #604, San
Westridge Subdivision No 6 San Mateo County ID 024-
$2,175,000. Pavelle, Buyer Address: Lots 30/31 Haciendas Del Delta Coves At Bethel Francisco 94109, Lot 1
Geary Ninth DE LLC to In Unincor ID 077-011- 233-210, $3,150,000.
1420 Ct. St., Alameda Orinda ID 262-010-018-6, Island ID 031-240-061-7, Maison Pacific ID 0573-
Lori A. Cubbage and California Affordable 090, $6,500,000.
94501; Property Address: $2,850,000. $2,000,000. 099, $3,500,000. Christopher Lyman
Michelle A. Jorgensen Housing Group LP, Buyer Gerald Chien Kuo Hsu
1420 Court St., Alameda Kyong S. Han and Dong Aaron R. Goerke and Address: 7205 Spy Glass Yoko Nagata and The Boitnott and Christina
to Ziaur Rahman and Lili Hsu to Jawid Loarie Boitnott to Ankur
94501, Lot 2-4 Sather And Myong Han to Ruben Heather C. Goerke to Dr., Modesto 95356; Yoko Nagata Revocable
Mohammad and Farha Aziz and Sabika Javed, Gupta and Kayla Joan
Robinson Tract ID 69-93- Hakopian and Diana Joseph Hon, Property Property Address: 77-83 Trust to INP Corp., Buyer
Saleem, Property Address: Property Address: 165 Gupta, Property Address:
15, $1,705,000. Malyan, Property Address: Address: 17 Leeds Ct. 9th St., San Francisco Address: 3024 Fillmore
5866 Buena Vista Ave., Woodside Dr., Woodside
3693 Deer Trl. Dr., Danville W., Danville 94526, Lot 94103, 100 Vara ID 3701- St., San Francisco 94123; 947 Edgecliff Way,
Oakland 94618, Lot 7 Rock Justin Brian Gold and 94062, Lot 44 Tract No
Sophia Goren Gold to 94506, Lot 55 Subdivision 14 Subdivision 3951 023, $6,550,000. Property Address: 744 Redwood City 94061, Lot
Ridge Terrace ID 48A- 513 Woodside Hills Unit No
Marci R. Rubin and 6617 ID 220-421-031-0, Sycamore ID 207-291- Guerrero St., San Francisco 10 Farm Hill No 6 Redwood
7210-14, $2,050,000. Elliot Geidt and Megan 1 San Mateo ID 069-044-
Marci Rubin Living $2,350,000. 014-0, $1,980,000. 94110, Mission ID 3598- City California ID 057-
Heather A. Bryant and Mariotti to James G. 003B, $3,500,000. 150, $5,200,000. 421-010, $3,000,000.
Trust, Property Address: Adam Edward Horn and Susan Potter Garaventa Jones and James G Jones
Douglas K. Jameson Winston Crawford and
1066 Ordway St., Albany Christine Horn Family and The Potter 1992 Living Trust, Property Gene H. Chung and Dale A. Schmidt and
Jr. to Anna Elshayeb Sarah Crawford to Ding
94706, Lot 16 Key Route Trust to Janet Owyang, Trust Created by Declara Address: 2479 Francisco Gene Chung Living Trust Laura L. Schmidt to Jin
and Ahmed Elshayeb, Pan, Property Address:
Property Address: 121 Terrace ID 65-2632-17, Property Address: 120 to Daniel P. Clayton St., San Francisco 94123, to Justin R. Amirault Wan Kim and Janice
$1,700,000. and Rebecca Amirault, 823 La Mesa Dr., Portola Hwang, Property Address:
Diablo Dr., Oakland 94611, Dorset Ct., San Ramon and Susan M. Clayton, Western Addition ID 0931- Valley 94028, Lot 488
Lot 2743 Thorndale Vickie J. Secrest and 94583, Lot 3 Subdivision Property Address: 2774 026A, $4,995,000. Property Address: 246 19 Alberta Gln, Burlingame
11th Ave., San Francisco Tract No 785 Ladera 94010, Lot 3 Parcel Map
ID 48G-7449-17, The Elizabeth F Rose 4487 ID 212-320-003-8, Camino Venadillo, San Elisa Poulos and Howard Unit No 10 San Mateo
$2,025,000. 1986 Trust to William $2,342,000. Ramon 94583, Lot 14 94118, ID 1423-033, Lands Of Alger Et Al Being
Lee Weil to Greg Dalton $3,450,000. County ID 077-362-170,
D. Harbourne and Subdivision 4383 ID 209- A Subdivision ID 027-011-
Michael Henry Costello Ray Walker and Elena and The Globe 67 $4,850,000.
Kristin Woodruff, Buyer 291-013-8, $1,950,000. Linda R. Leblanc and 170, $2,950,000.
and Melissa Am Costello Griego to Mark Hosking Trust, Property Address: John H. Chandra and
to Matthew Leo Heckman Address: 727 Peters and Ilka Hosking, Patrick J. Carew and 1958 Vallejo St. #7, San Ferrera P. Leblanc to Cuauhtemoc Avalos
Ave., Pleasanton 94566; Michael Sobol and Diane Melissa Chandra
and Melissa Vergara Property Address: 777 Jacqueline J. Carew to Francisco 94123, Lot 37 and Ashika D. Avalos
Property Address: 10 Michael Sobol Separate to Kevin Chialing Choong
Heckman, Property Ynez Cir., Danville 94526, Vivek Bhargava and Map Of 1958 Vallejo Street and Kathryn Jean Heyl, to Wassim Aldairy and
Address: 602 Magnolia Greens Ln., Pleasanton Lot 62 Subdivision 4406 Mahima Bhargava, A Condominium ID 0554- Property Trust, Buyer Cyrielle Aldairy, Property
94566, ID 946-4401-18, Address: 275 Battery St., Buyer Address: 6009 Moss
Ave., Piedmont 94611, Lot ID 216-313-002-0, Property Address: 037, $4,800,000. Springs Rd., Columbia, Address: 13 Hillbarn Ct.,
7 Piedmont Terrace ID 51- $1,686,000. $2,225,000. 1100 Sunrise Ridge Dr., San Francisco 94111; San Mateo 94403, Lot 31
Yoko Nagata and The Property Address: S.C. 29209; Property
4655-20, $1,895,000. CONTRA COSTA Jacob Craig Shoenfelt Lafayette 94549, Lot 22 Yoko Nagata Revocable Address: 2749 Comstock San Mateo Knolls Map No
COUNTY Subdivision 7820 Reliez 458 Liberty St., San 2 San Mateo California
Barbara Schurhoff to 52 and Alexandra Kurjakovic Trust to INP Corp., Buyer Francisco 94114, Lot 81 Cir., Belmont 94002, Lot
to Angela W. Barker Valley Highlands II ID 365- Address: 3024 Fillmore 5 Hallmark Unit Number ID 042-262-170,
Miles LLC, Buyer Address: Blustone at Boeger Dolores Heights Plaza
and Frederick C. Barker, 510-001-8, $1,950,000. St., San Francisco 94123; 1 ID 045-361-050, $2,750,000.
314 Goldfield Place, San Ranch LLC to Michael Resubdivision ID 3604-
Ramon 94582; Property Ghielmetti and Rebecca Buyer Address: 13819 SAN FRANCISCO Property Address: 1430 081, $3,400,000. $4,000,000. Miliza L. Chang and
Address: 5229 Miles Ave., Ghielmetti, Property Apache, Tustin 92782; COUNTY Clay St., San Francisco William David Hunt Miliza L Chang Revocable
Oakland 94618, Lots 7/8 Property Address: 7317 94109, 50 Vara ID 0216- Tracy J. Lombardi Shirar
Address: 50 Boeger Ranch AERC 8th and Harrison Smith and Cynthia Trust to Lourdes Zoeller
Subdivision Of A Portion Cutting Blvd., El Cerrito 008, $4,100,000. and Tracy J Lombardi
Rd., Orinda 94563, Lot LLC to WRPV XV L Seven Ann Baker to Jack and Henry and Lourdes
Of Blocks ID 14-1229-8-2, 94530, Lot 9 Subdivision Shirar Revocable Trust
72 Subdivision Map 9074 SF LLC, Buyer Address: Hoover Thomas Lau Chung Hung Chiang Zoeller Living Trust,
$1,865,500. 3492 ID 505-430-009-9, to Filbert Properties
ID 273-310-013-1, 222 S. Riverside Plz. and Lisa Ann Olson and Stephanie Che Property Address: 1754
$2,200,000. LLC, Buyer Address: 3036
Steven L. Elias and Mary $4,800,000. #20, Chicago, Ill. 60606; to Gregory T. Moss Wei Chiang, Property Oakwood Dr., San Mateo
Divisadero St. #3038,
F. Fisher to Phillip Joseph Thomas G. Fraser to Tracy Appleton to Kevin Property Address: 1200 and Michelle A. Moss, San Francisco 94123; Address: 244 W. 3rd Ave., 94403, Lot 4 Laurelwood
Azar, Property Address: Kevin M. Roth and Erin N. Cheng and Elaine Chang, Harrison St., San Francisco Property Address: 1214 Property Address: 3036- San Mateo 94402, Lot Map No 10 ID 041-451-
2960 Southwood Dr., Roth, Property Address: Property Address: 223 94103, Final Map 7971 ID Diamond St., San Francisco 3038 Divisadero St., San 11 Baywood San Mateo 040, $2,400,000.
Alameda 94501, Lot 178 1059 Via Alta, Lafayette Tiburon Ct., Walnut Creek 3756-060, $177,500,000. 94131, Horners Addition Francisco 94123, Western County California ID 034- Yang Yu and Wen Tian
Fernside ID 69-117-2, 94549, Lot 29 Happy 94597, Lot 26 Subdivision 16th Taylor Apartments ID 6561-003, $4,050,000. Addition ID 0944-016, 085-100, $3,889,000. to Adam Loeb and Alice
$1,805,000. Valley Highlands ID 244- 5065 ID 175-350-026-1, LLC to Meda Small $3,325,000. Michael U. Liebsch and Wen, Property Address:
Roy A. Whitefield and
Tas Heinrich to Matthew 083-004-6, $4,395,000. $2,200,000. Properties LLC, Buyer Carol A. Whitefield to Cindy P. Liebsch to 219 Finger Ave., Redwood
Gregory Russell and John
Eitelberg and May Davidon Homes to Craig Raymond Wicks Address: 2301 Mission Benjamin C. Hambro, A Schmiedel & Charlotte Steven S. Golden and City 94062, Lot 8 Map Of
Nguyen, Property Address: Nicholas Bambury, and The Robert & Janis St. #301, San Francisco Property Address: 230 K Schmiedel to Jonathan Lisa C. Golden, Property Subdivision A Wellesley
5509 Gold Creek Dr., Property Address: 68 Wicks Family Trust to Per 94110; Property Address: Capra Way, San Francisco Yuan Wen Liu, Property Address: 8 Ohlone St., Park ID 052-062-030,
Castro Valley 94552, Tobiano Ct., Danville E. Hyttfors and Virginia 2901-2929 16th St., San 94123, Marina Gardens ID Address: 1935 Webster Portola Valley 94028, $2,300,000.

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SAN FRANCISCO BUSINESS TIMES • OCTOBER 18-24, 2024 23

 Executive Profile

DAVID
RISHER
CEO, Lyft

BY OWEN THOMAS | [email protected]

The call came on was momentous enough that

Q & Valentine’s Day. co-founder Jeff Bezos dedicated a

A Sean Aggarwal,
then Lyft’s chair,
asked fellow board
page on the site in tribute to him
(it’s still online), is bringing that
company’s customer-obsession
member David Risher mantra to his new gig. But at Lyft,
if he wanted to meet that evening the customers are both riders
to talk about becoming the ride- and drivers. Risher drives on
hailing pioneer’s next CEO. Risher weekends to get a feel for what
had other plans — for the evening the latter group experience: Once
and for his life. In February he even surprised an employee by
2023, the former Microsoft and popping up as her driver. And to
Amazon executive was running the get to work, he often takes a Bay
nonprofit Worldreader, an ebook Wheels bike, docking it at a station
distributor. Meanwhile, he’d made right outside Lyft’s China Basin
reservations at Octavia. headquarters. Lyft’s shares are still
But over dinner that night, his struggling — the stock was a little
wife, Jennifer, encouraged him above $12 in early October — but
to think it over. And before long Risher thinks he’s got a story Wall
Risher found himself pitching his Street will listen to now.
fellow board members hard to win
the job. A competitive streak he’d When Lyft announced you were
nurtured at Microsoft took over, its new CEO, you said you were
he said. In April 2023, he got the “gobsmacked,” which is a word I
job, taking over from Logan Green, love. I was. I was gobsmacked.
who’d run the company with John
Zimmer since the pair founded it You were solidly in the nonprofit
in 2012. world. You seemed to love it. At
Change was needed. Lyft, the end of 2022, John (Zimmer)
locked practically since its birth in and Logan (Green) told the board
a fierce rivalry with crosstown rival they were stepping down. For
Uber, was still losing money, and me it was quite disappointing
its stock had tumbled from a high because that was part of why I
of $78.29 in 2019 to below $10. was so excited about being on the
Unlike Uber, it hadn’t diversified Lyft board — working with these
into meal delivery, a pandemic founders.
growth market, and its commute The search committee
business was suffering along with interviewed a whole bunch of
downtowns across the country. people, I think over 100. I was
Risher, whose tenure at hearing some of the names and
Amazon expanding it from a was very impressed.
bookstore to a broad-based retailer The phone rings, and it’s Sean

24 OCTOBER 18-24, 2024 • SAN FRANCISCO BUSINESS TIMES

 (Aggarwal), the board chair. I a transformation like this without
thought he was going to ask me bringing people back to the office.”
ABOUT to head up the audit committee So I was Mr. Unpopular for a time. ABOUT
RISHER or something. Instead, he told me LYFT
Age: they’d realized that maybe the That sense of purpose: You’ve Founded:
59 right person to lead the company is talked about Lyft being the cure for 2012
sitting in the room already. loneliness. Is that it? The way we
Residence: I said “No, absolutely not. talk about our purpose is to serve HQ: San
San Francisco There’s no way.” My wife and I had and connect. We serve our riders Francisco
Hometown: a whole plan for our lives. Getting and drivers, we want to be the best Employees:
Bethesda, Md. kids reading was the thing that I service we can be. And we connect 2,945
What he’s wanted to spend the rest of my life people to the people they love, the Did you know?
reading: on. places they love, to work. Lyft began
“James: A Jen and I had Valentine’s dinner as a spinoff
Novel” by plans at Octavia. Over dinner, I You wanted to get rid of surge of Zimride,
Percival Everett said, “You’re not going to believe pricing and you ran into a bit of a carpooling
Favorite what happened.” And to my a wall there. What happened? service, with
Bay Area surprise, she said I should really Economists love surge pricing pink, furry
restaurant consider it. because it’s a perfect case study in mustaches
right now: supply and demand. Normal people adorning
Ernest in the What was your diagnosis of the hate it because they don’t like the cars. You
Mission District company when you started? Lyft variability. We can’t get rid of it, can still find
was really the innovator in the though, because after a game at some of those
What he’s mustaches
ordering
(ride-hailing) space. Uber was a Oracle Park, there are going to be
kind of niche black-car service. at Lyft
there: King more people than there are cars.
headquarters.
salmon tostada John and Logan said, “Let’s open So we introduced Price Lock in
this up to anyone who wants to August, which for $2.99 a month
drive.” Lyft has that in its DNA, an let’s you lock in a maximum price
inventive spirit, a rebellious spirit. for a certain route. People love it.
You know, the pink mustache.
Like many companies, over Lyft just recently reported a profit.
time it had lost its focus and maybe Does being GAAP profitable mean
its sense of purpose. It had gone never having to say you’re sorry?
through Covid. That was obviously We spent the last 15 months really
devastating. It was under a huge reorienting the company around
amount of pressure from Wall customer obsession, which drives
Street to start making money. profitable growth. We’ve never
It was kind of in a precarious made a profit before, now we’ve
position. had three quarters of cash-flow
In a way, that was great. positive operations. ... one quarter
Because if everything is going fine, of profitability. We’ve given
it’s hard to get people to change financial guidance for the next
what they’re doing. I said, “Look, three years. We expect to turn
we’re going to be customer- permanently profitable in the early
obsessed.” Customer obsession part of that.
is what drives profitable growth. I jump out of bed every morning
Every ride that you get is more to get back to work because I’m
money. If you get people to take so excited about this. We’re so
more rides, you’re going to make young as an industry, we’ve been
more money. But to do that, we maybe a little too focused on this
had to lower prices. We had to competitive dynamic. I’m much
raise our driver pay. more interested in how we can help
To afford that, we had to cut cities like San Francisco recover,
expenses. So we went through how we can help more people get
quite a significant layoff, about out. And how we can do it at a scale
26% of staff. And I said, “You know where people think, “Maybe I don’t
ADAM PARDEE | SFBT what, guys, we can’t go through need to buy that second car.”

SAN FRANCISCO BUSINESS TIMES • OCTOBER 18-24, 2024 25

SALESFORCE INC. - MULTIPLE POSITIONS SOFTWARE ENGINEER
Salesforce Inc. has the following jobs available in San Francisco, CA. Related technical degree required: Playbook Digital, Inc. seeks Software Engineer in San Francisco, CA:
Dvlp the Plybook prdct through engneerng & visual dsgn. Telecommut-
• Sr. Technical Architect (Job# 20-3947/ JR266328): Serve as trusted advisor to client. Identify & lead internal strategic initiatives to grow
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consulting practice. Telecommuting an option. Domestic travel to unanticipated client locations across U.S. may be required up to
Submit resume with references to: Req.#: L23-135590 at: jobrecruit-
75% of the time. Req’s: MS(or equiv.)+2 yrs. exp. Or BS(or equiv.)+5 yrs. exp. Salary: $206,315 - $323,400 per annum. [email protected]. Must be legally authorized to work in the U.S.
• Software Engineering MTS (Job# 21-1299/ JR266441): Research, design & dvlp computer & network sftwr or specialized utility programs. without sponsorship.
Update sftwr. Req’s: MS(or equiv.)+1 yr. exp. Salary: $155,605 - $188,600 per annum.
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platform for dvlping apps in the cloud, & infrastructure that supports storage. Telecommuting an option. Req’s: MS(or equiv.)+3 months
exp. Salary: $155,605 - $188,600 per annum. ELECTRICAL DESIGNERS
• Software Engineering MTS (Job# 22-18193/ JR266654): Formulate, implement, and evaluate algorithms for platform and application EDesignC seeks Electrical Designers to work on electrical building
features in Java. Telecommuting an option. Req’s: MS(or equiv.)+1 yr. exp. Salary: $155,605 - $188,600 per annum. design including power, lighting, low voltage, service load calcula-
For the following jobs - Telecommuting an option. Some travel to Salesforce offices may be required: tions, voltage drop and circuiting of floor plans and panel schedules.
Req. US BSEE. $48/hr. 1 day/month work in SF, Oakland, Pleasant
• Software Engineering MTS (Job# 21-2291/ JR266234): Research, design & dvlp computer & network sftwr or specialized utility programs.
Hill CA, otherwise remote. Send cover letter & resume to info@
Req’s: BS(or equiv.)+1 yr. exp. Salary: $130,250 - $188,600 per annum. edesignc.com. Use job code EDC001.
• Software Engineering MTS (Job# 22-17003/ JR266236): Research, design & dvlp computer & network sftwr or specialized utility pro-
grams. Update sftwr or enhance existing sftwr capabilities. Req’s: MS(or equiv.)+5 months exp. Salary: $155,605 - $196,000 per annum.
• Data Analytics Lead (Job# 24-145871/ JR266231): Deliver key insights & analyses that help Heroku leaders make key decisions that
shape strategy, operations, way we market, sell & interact w/ customers. Req’s: MS(or equiv.)+2 yrs. exp. Or BS(or equiv.)+5 yrs. exp. SR. DATA SCIENTIST
Salary: $141,523 - $192,500 per annum.
App Orchid Inc. in San Ramon, CA has openings for Sr. Data Scientist
• Quality Assurance Manager (Job# 22-16100/ JR266442): Dvlp & review QA Test Plans which outlays overall QA strategy, QA Process (Design, Develop & Deploy Data Models). Req. Bachelor’s or foreign
& QA Best Practices to both internal project & customer teams. Req’s: MS(or equiv.)+2 yrs. exp. Or BS(or equiv.)+5 yrs. exp. Salary: equiv. + 5 yrs. of exp in the job offered or rel. Salary range: $188,885.00/
$160,139 - $192,500 per annum. Year to $190,000.00/Year. Travel and reloc. reqd. Mail resume to HR,
• Sr. Manager, Technical Consulting (Job# 20-2605/ JR266447): Serve as trusted advisor to clients, advise on governance best practices App Orchid, Inc., 6111 Bollinger Canyon Road, Suite #570, Building Y,
(technical & organizational), data & integration strategy & lead architecture reviews. Req’s: BS(or equiv.)+2 yrs. exp. Salary: $163,509 - San Ramon, CA, 94583 or Email: [email protected].
$265,200 per annum.
• Sr. Manager Software Engineering (Job# 15-3946/ JR266448): Plan, direct, or coordinate activities in such fields as electronic data pro-
cessing, info. systms, systms analysis & computer programming. Req’s: MS(or equiv.)+2 yrs. exp. Salary: $200,304 - $285,000 per annum.
• Lead Researcher Research & Insights (Job# 21-6957/ JR266652): Generate customer insights to support product teams across variety
of Salesforce products. Req’s: BS(or equiv.)+2 yrs. exp. Salary: $204,400 - $323,400 per annum.
• Strategy and Analytics Sr. Analyst (Job# 20-9994/ JR266655): Lead discovery sessions w/ biz partners to understand strategic biz
roadmap & overall Enablement program strategy. Req’s: Req’s: BS(or equiv.)+1 yr. exp. Salary: $128,398 - $182,600 per annum.
Submit resume to/include Job No. via Salesforce Careers webpage: rb.gy/avqrw or by email at: [email protected]. Sales-
force is an Equal Opportunity & Affirmative Action Employer.

AN AUDIENCE THAT
MAKES AN IMPACT.
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Study; Alliance for Audited Media, June 2023

FOR MORE INFORMATION CONTACT: Michael Fernald at [email protected]

26 OCTOBER 18-24, 2024 • SAN FRANCISCO BUSINESS TIMES

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 PAID ADVERTISING

PEOPLE ON THE MOVE

IN SAN FRANCISCO
CONSTRUCTION <<INDUSTRY
COMMERCIALNAME>>
REAL ESTATE
FEATURED Promotion <<Type>>
New Hire
ACCOUNTING | PROFESSIONAL RECOGNITION

Rimma Tabakh
Grant Thornton
San Francisco Managing Partner
“People first, always.” That’s the principle Rimma Tabakh lives
by, and according to her teammates, this is a key reason she
was named one of the Bay Area’s Most Influential Women.
Bryan Fong <<First
Pei Hung Name>> <<Last
“Rimma has a remarkable ability to pinpoint how her
Skyline Construction Name>>
Dealpath
colleagues and clients can excel beyond what they thought
Senior Project Manager Chief Financial
<<Current Officer
Employer>>
was possible,” says Tony Perazzo, her longtime teammate
Skyline Construction is excited to <<Current
Dealpath hasPosition>>
appointed Pei Hung as
and the leader of Grant Thornton’s West region. He has seen
announce the promotion of Bryan its Chief Financial
<<Summary>> Officer. She will
Tabakh excel in multiple roles since she joined the firm in Fong to Senior Project Manager. be responsible for leading financial
2002. With nine years at Skyline, Bryan strategy and planning, as well as
has excelled in key roles, delivering overseeing operations across the
Tabakh served as the firm’s U.S. Resident Partner in China successful projects for Delta Dental, company. Hung joins Dealpath from
for three years, and afterward, she served as the firm’s Audit JLL, Twitch, Unity, Pandora, and CloudTrucks, where she served
more. He will lead and mentor as Head of Strategic Finance. She
leader in the Bay Area. In addition to her current role as her
teams in his new role, embodying brings over a decade of investment
firm’s San Francisco managing partner, Tabakh also serves as the belief that “a rising tide lifts banking and principal investing
the director of the International Business Center for Grant all boats.” Bryan is also involved in experience to her new role, having
BOMA, CREW, and volunteers with worked for leading institutions such
Thornton U.S. Her international business acumen brings
Playworks to help keep kids active. as UBS and MetLife.
tremendous value to each of her firm’s clients, and her people-
focused leadership continues to fuel Grant Thornton’s growth.

BANKING <<INDUSTRY NAME>>

FEATURED Board of Directors <<Type>>

PROFESSIONAL SERVICES | NEW HIRE

Matt Wright
Tatum by Randstad
Director, Executive Consulting Services
Tatum by Randstad, the nation’s leading executive services
firm, announced that Matt Wright has joined its San Francisco
practice as Director of Executive Consulting Services. In this Share your hiring
role, Wright will partner with Tatum’s clients to lead, organize, Alicia Hansel <<First Name>> <<Last
announcements,
and build interim executive, consulting, and financial project Poppy Bank Name>>
teams to deliver on business-critical accounting and finance Founder, Kibby Road LLC employee
<<Current Employer>>
initiatives. This includes pre- and post-merger and acquisition <<Current Position>>
Poppy Bank welcomes Alicia Hansel promotions and
implementation, as well as assisting clients with strategic to its Board of Directors. Ms. <<Summary>>
and operational challenges such as raising capital, planning,
Hansel is the founder of Kibby Road accolades with
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and transactional support. “Matt’s extensive background firm, where she navigates the business
enables him to understand and address the unique needs complicated land transactions,
of companies in transition,” said Scott Little, executive vice
site evaluations, feasibility studies, community.
and city approvals. She is also a
president of Tatum. “Tatum’s success is driven by experienced founding board member of Miracle
leaders like Matt, who have built deep relationships and can League North Bay -- and served
as the President of the Petaluma Visit bizjournals.com/potm
assist our clients by providing customized solutions that Education Foundation. President for more information
leverage Tatum’s specialized expertise to unlock the full value and CEO, Khalid Acheckzai says,
of transitions.” “Alicia will be a great addition to our
dynamic Board.”

TO SUBMIT YOUR INFORMATION: Lacey Patterson • [email protected] • 415-288-4961

SAN FRANCISCO BUSINESS TIMES • OCTOBER 18-24, 2024 29

 Viewpoint
San Francisco Business Times welcomes contributions to this page Publisher and
Market President
Pete Casillas, 415-288-4931
[email protected]

G U E ST O P I N I O N EDITORIAL
Editor-In-Chief
with incomes of $1 million or more Jim Gardner, 415-288-4955
jgardner @bizjournals.com
and the remainder on taxpayers
Managing Editor
with taxable incomes of $100,000 to Owen Thomas, 415-288-4910
$999,999. [email protected]

The high-income communities Assistant Managing Editor

Will Hicks, 415-288-4916
clustered around the San Francisco [email protected]
Bay saw the greatest impact. In Santa Digital Editor
Clara County, for instance, the average Ted Andersen, 415-288-4904
[email protected]
tax return with itemized deductions
Special Projects Editor
reported outlays of $46,817.53 in state Simon Campbell, 919-327-1006
and local taxes, but could deduct just [email protected]

$8,931.28 due to the SALT limit. Senior Staff Reporters

Mark Calvey, 415-288-4950
Democrats weren’t the only critics, mcalvey @bizjournals.com
however. Republican leaders in Ron Leuty, 415-288-4939
California and New York also opposed [email protected]

the SALT cap. Staff Reporters

Alex Barreira, 415-288-4927
Meanwhile, the 2017 legislation’s [email protected]
increase in the standard deduction — Sara Bloomberg, 415-288-4923
now nearly $30,000 on joint federal [email protected]

tax returns — benefitted many middle- Hannah Kanik, 415-288-4960

[email protected]
income taxpayers who didn’t have
Sarah Klearman, 415-288-4930
more than $10,000 in deductible state [email protected]
and local taxes. Data Reporter
New York and California political Ari Mahrer, 415-288-4958
[email protected]
leaders in Congress, such as Senate
Photographer
Majority Leader Chuck Schumer and Adam Pardee, 415-288-4970
Nancy Pelosi, the longtime speaker [email protected]

of the House, vowed to undo the Creative Director

Ian Lawson

TRUMP AND PELOSI

deduction limit, but it has survived. [email protected]
All of the provisions of the 2017 tax Senior Designer
legislation will expire at the end of Meredith Sheffer

ACTUALLY AGREE
[email protected]
2025, but Trump is now vowing that
Designer
if he returns to the White House, he John Pitts
will press for immediate repeal of the [email protected]

ON THIS TAX POLICY deduction limit.

That promise puts Trump on the
same side of the issue as Schumer and
ADVERTISING
Advertising Director
Michael Fernald, 415-288-4942
Pelosi, strange bedfellows indeed. [email protected]

“As long as I’m leader, when the Senior Manager,

Major Accounts
ISTOCK (MICHELGUENETTE) state and local deductibility (cap) Siggi Reavis, 415-288-4928
expires, it will be gone,” Schumer [email protected]

responded to Trump’s new position. Senior Account Exec

ore often than not, the two cap was more a geographic issue Kierstyn Moore, 415-288-4932
However, what Trump, Schumer,
M major political parties directly than a partisan one, because it had
Pelosi and other political figures in
[email protected]
Account Execs
oppose each other on major its greatest effect on states with lots
high-tax states want is now drawing Luke Dahlin, 415-288-4920
issues, which explains why those of high-income taxpayers and high- [email protected]
fire from the left, contending that
issues tend to linger, unresolved, for income tax rates, especially New York Amy Sosnick, 415-288-4940
repeal or expiration would be a [email protected]
years or even decades. and California.
financial windfall for the wealthy. Account Exec,
Occasionally, however, there are Leaders of those two states were Dan Walters
A study by the Tax Policy Center, Events and Special Projects
issues that deviate from the partisan vocal in their opposition, claiming that writes for Isabel Avila, 415-288-4934
a center-left think tank, found that [email protected]
pattern, creating odd-bedfellows the cap on deductions was devised CalMatters.org.
repeal “would cut 2025 taxes by an Product Account Exec
alliances. One of them is a 2017 by Trump and other Republicans as A journalist
average of more than $140,000 for the Lacey Patterson, 415-288-4961
overhaul of federal income taxes punishment for left-leaning politics. for more than [email protected]
highest-income 0.1 percent of families
that, among other things, limited It would, the critics said, encourage 60 years, Business Designer
but provide little or no help to low- Jeff Patingan, 415-288-4959
deductions of state and local taxes — wealthy taxpayers to move to low- or including at the
and middle-income households.” [email protected]
known as SALT in political and media no-income tax states such as Nevada, Sacramento
The SALT debate once again proves
circles — to $10,000. Texas and Florida to escape the Bee, his EVENTS
that what is taxed and how much
The tax legislation included many indirect increase of their tax payments. columns have Events Director
is levied is a purely arbitrary — and Felicia Brown, 415-288-4936
other provisions, including a big A 2018 study by the California appeared [email protected]
therefore very political — process.
expansion of the standard deduction Franchise Tax Board concluded that in The Wall Events Manager
to offset the SALT limit, and it’s the SALT deduction limit would cost Street Journal Kendra Simpson, 415-288-4945
[email protected]
regarded as former President Donald Californians an estimated $12 billion a and Christian Send op-ed questions or ideas to
Office Manager
Trump’s major achievement. year in higher payments, with three- Science Monitor. Editor-in-Chief Jim Gardner at Kathy Biddick, 415-288-4925
From the onset, the deduction fourths of that falling on Californians [email protected] [email protected]

30 OCTOBER 18-24, 2024 • SAN FRANCISCO BUSINESS TIMES

FOOD AND BEVERAGE
INNOVATORS:
FOCUS ON THE FUTURE
NOVEMBER 1, 2024 | 8:00–10:30 AM | OAKLAND MARRIOTT CITY CENTER

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of being located in this region.

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for more information visit
CHRISTINE WENTE BARRY BRADEN EMILY WINSTON AMY CHEN BIZJOURNALEVENTS.COM
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