"That's not the one percent," he said. "It's the top one quarter of the top one percent."
And, Allardyce explained, most of the people who buy that level of property are so rich that they don't actually live there. It's a second or third or fourth home, a place to stay a few weeks out of the year. And since the project involves chopping up a tennis and swim club used by some 2,000 people (who are nowhere near that rich), "you're eliminating the use of that land by the general public" in favor of a tiny elite.
The developer says that the city will get money to build 33 below-market-rate units. That's nice; by that standard, 80 percent of the new housing goes to the richest people in the world, and 20 percent for everyone else. That percentage ought to be reversed — and until it is (or at least, until we have a plan to build enough affordable housing for the people who really need a place to live in San Francisco) I can't imagine why we'd want to be doing favors to feed the greed of developers.
What we're doing in this city is making life harder for low-income people who are increasingly living on the streets and doing big favors for the spectacularly wealthy. There's no sanity in our housing policy — except to turn San Francisco even more into a city of the rich.