![]() If we’re lucky, we have a $25 million capital budget that we squeeze out of our net revenues.” ![]() ![]() “We have a $114 million balance sheet, maybe a little higher. “We’re not even at a scale to pretend to be able to pay for this project,” Forbes said. Complicating San Francisco’s efforts, the pandemic has badly diminished revenues from tourism and financial district foot traffic, forcing port officials to go hat-in-hand to city, state and federal entities in search of money to use to harden the coastline against rising waters. “The increased frequency of flooding that you’ll see as the bay comes up and you have more frequent tidal flooding, the numbers are in the billions in terms of the damages that will accumulate from that,” Brian Harper, a director of planning with the Army Corps, told Yahoo News.īut just as significant increases in sea level will result in monumental damages, adequately protecting communities from the additional rise will also become much more expensive. In 2020, the Legislative Analyst’s Office, the nonpartisan fiscal and policy adviser to the California Legislature, issued a report stating that under a scenario of continued high greenhouse gas emissions, San Francisco could see as much as 7 feet of sea level rise by 2100. Since then, projections for how bad that problem will get have only become more dire. ![]() “We said at the time, this is really a down payment for the problem,” Forbes recounted. Its revenues are crucial to the city’s bottom line, and in 2018 Forbes mobilized her office to help ensure the passage of Prop A, a voter initiative that raised $425 million in taxpayer funds to begin addressing repairs and seismic upgrades to a 3-mile section of the city’s crumbling, more-than-100-year-old sea wall in anticipation of sea level rise. A semi-independent entity, the port oversees 7.5 miles of the city’s coastal facilities along the bay, leasing out a wide array of properties, including landmarks like Fisherman’s Wharf, Pier 39, the Ferry Building, a cruise ship terminal and Oracle Park, where the Giants play baseball. ![]()
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