Developer-funded 8 Washington campaign spends $1.8 million pushing Props. B&C
The developer of the 8 Washington waterfront luxury condo project and his allies have spent more $1.8 million this year pushing Propositions B and C, according to new campaign finance filings with the San Francisco Ethics Commission.
San Franciscans for Parks, Jobs and Housing spent nearly $1 million in the latest Sept. 22 to Oct. 19 period, while raising $687,006 — bringing its year-to-date totals to $1.4 million raised and $1.8 million spent — and leaving the Yes on B&C committee $562,029 in debt.
But that “debt” is actually more like an investment considering developer Simon Snellgrove and his Pacific Waterfront Partners have contributed the lion’s share to this campaign, $1.1 million and counting, which is probably a pittance compared to the profits he plans to make on 134 condos that will go for around $5 million each.
By contrast, the opposition campaign, No Wall on the Northeast Waterfront, has raised $587,625 so far this year (almost half of that in the latest filing period) and spent $511,703 ($333,589 since Sept. 22), leaving the campaign with $88,553 in the bank as of Oct. 19.
Unlike the developer-funded campaign, whose only other significant financial support came from project contractor Cahill Construction, the opposition campaign was funded mostly by dozens of small contributions ranging from less than $100 up to a few $5,000 donations. Its only sizable checks came from Richard and Barbara Stewart of Stewart Economics, who live next door to the site and would have their bay views blocked by the 136-foot condo towers, which the couple has jointly kicked in $278,000 to try and stop.
For more information on 8 Washington and Props. B & C, read the Guardian's endorsements (No on C; and No, no, no! on B) or listen to the interesting debate that KQED’s Forum hosted this morning. And don’t forget to vote.