Steyer, a Democratic mega-donor and hedge fund owner, has made a handsome profit by purchasing Democratic politicians who cut deals that you and I could never receive. He has pledged to spend $50 million of his own money in 2014 and to raise another $50 million.
Steyer’s hedge fund, Farallon Capital Management, bought about 2 million square feet of commercial real estate in San Francisco’s Mission Bay neighborhood 2004 in a $343 million deal. And guess what happened next:
Over the past decade, [Nancy Pelosi] has steered federal subsidies to a light rail project designed to stimulate commercial and residential growth in Mission Bay. Experts say the project swelled real estate values in the area.
“From a decrepit and seemingly abandoned old rail yard 15 years ago, Mission Bay has sprouted into San Francisco’s fastest-growing neighborhood,” the San Francisco Business Times reported last year.
One of the beneficiaries has been Farallon, which bought two million square feet of Mission Bay commercial real estate space and a handful of residential properties in a $343 million deal in 2004.
“This is a world-class asset,” said Richard Fried, at the time a managing member at Farallon. “We see it every day. When we had the chance to buy, we jumped at it.”
Farallon created two entities for the project. FOCIL-MB bought the land and development rights, and Mission Bay Development Group handled the construction and development.
Costs associated with the latter were reimbursed by the city of San Francisco under a public-private partnership agreement. The San Francisco Redevelopment Agency reimbursed Farallon using funds raised through bond sales financed by tax hikes in the city.
By 2013, Farallon had sold all but two of its parcels at Mission Bay. The fund would not say whether it realized a gain on its sold properties, what that gain was, or whether it has plans to sell its remaining two.
If you ever wondered why Democrats across the country have supported massive light-rail projects, you now have an answer. This is highly unethical, but a progressive like Pelosi considers it the cost of doing business in her never-ending campaign to expand government.
Since October 2011, Farallon Capital Management has lobbied on nothing but Mission Bay and has paid $300,000 to lobby Congress and the Department of Transportation on the issue. A tidy profit for himself and his investors, and taxpayers get the bill.
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