CalSTRS Blows $49.6 Million on 8 Washington!!!
Yes, you read it right.
The California State Teacher’s Retirement System (CalSTRS) spent $49.6 million of teacher’s retirement funds on the 8 Washington Street project.
This is revealed in a CalSTRS April 18, 2016 letter responding to California 17th District Assemblyman David Chiu’s March 24, 2016 letter to Harry M. Keiley, Board Chair of CalSTRS.
You can read the CalSTRS letter at the Page named CalSTRS David Chiu Letter 4-18-2016. on this web site.
You can read the Assemblyman’s letter at the page named David CalSTRS Letter 3-24-2016 on this web site.
As you are aware, the 8 Washington Street project would have demolished the Bay Club – The Gateway site, and built high-rise luxury condominiums.
Where did the hard earned teachers dollars go?
Is it in the pockets of attorneys, architects, consultants, politicians, and public relations people?
You may recall the TV and radio advertisements and mailings in favor of 8 Washington featuring our mayor Ed Lee, and Lt. Governor Gavin Newsom in the fall of 2013.
The voters of San Francisco soundly defeated the 8 Washington project in the November 5, 2013 election. Over 60% of the voters said a resounding NO.
Need we say more?
Now CalSTRS is considering another proposal to build a hotel on the Club site.
You can read about this in our April 2, 2016 FOGG Alert on this web site.
If you think FOGG’s mission to preserve our community’s open recreation space never seems to end, you are correct.
The State Lands Commission, headed by the same Lt. Governor Gavin Newsom, still has their lawsuit pending against the City of San Francisco concerning Proposition B – the ‘Waterfront Height Limit Right to Vote Act’.
As FOGG advised you previously, the San Francisco voters on June 3, 2014 approved Proposition B by 59% limiting height limits along the waterfront unless approved by the voters themselves.
According to our District 3 Supervisor Aaron Peskin, the lawsuit should be in court sometime in October. We feel, as does our City Attorney, the suit will fail as the San Francisco voters have spoken about who should have the final say on height limits.
As we said, it never ends.