San Francisco moving forward with major development projects

Despite the economy, many infrastructure and housing projects are moving forward, according to Mayor Gavin Newsom. Speaking at a breakfast last week, sponsored by the SF Business Times, the news was cautious but still ambitions

The city will start construction later this year to rebuild San Francisco General, environmental review for the second phase of construction at Hunters Point is nearly complete and the city is close to reaching an agreement with the federal government to transfer Treasure Island, Newsom said.

The mayor’s comments come as the city is struggling with rising unemployment and falling revenue. Unemployment reached 9.1 percent in May, up from 4.3 percent a year ago. The city had to close a $438 million deficit — caused in part by declining revenue — by cutting services.

Still the mayor sought to contrast San Francisco’s woes with troubles elsewhere.

“Our unemployment rate is high,” Newsom said, “but it’s among the lowest of any of the counties of California. Our bond rating is low, but it’s the highest of all these counties in California. Our vacancy rates may be high but for class A I’m glad I’m not in South San Francisco. I’m glad I’m not in San Mateo. I’m glad I’m not in Redwood City. And I’ sure as heck glad I’m not in Palo Alto or San Jose. We’re doing much better on relative terms.”

SOURCE: BIZ JOURNALS