The top Democrat in the House of Representatives steered more than a billion dollars in subsidies to a light rail project that benefitted a company run by a high-dollar Democratic donor and in which her husband is a major investor... When cloud computing giant Salesforce sold a large plot of land to the Golden State Warriors in April, it had House Minority Leader Nancy Pelosi (D., Calif.) to thank for helping to swell real estate prices in the area.
...Pelosi has worked for more than a decade to steer taxpayer funds to a light rail project in San Francisco’s Mission Bay neighborhood, where Salesforce had planned a new campus. Experts say the project boosted the value of Mission Bay real estate... The company’s CEO, Marc Benioff, is a high-dollar Democratic donor. Pelosi and her leadership PAC are among the recipients of his generous campaign contributions. Pelosi’s husband is also a major Salesforce investor.
"Mission Bay Loop" project which will further enrich the Pelosi family and Democrat mega-donors Benioff and liberal hedge fund billionaire Tom Steyer.
Two stops on the extended light rail line are about three blocks from a four-story office building owned by Paul Pelosi... According to disclosure forms, the property, at 45 Belden Place, is worth between $1 million and $5 million. He made between $100,000 and $1 million in rent from the property last year... There’s a sweet spot for obtaining the maximum transit premium: two to four blocks away is ideal... That was roughly the distance from Salesforce’s planned campus to a Mission Bay stop on the light rail line as well.
...In Salesforce’s case, Pelosi’s work appears to have financially benefitted not just a Democratic mega-donor, but also a company in which Pelosi’s direct family owns a large stake as well as valuable real estate holdings in her husband’s portfolio.
Salesforce paid $278 million for 14 acres in Mission Bay in 2010. It bought the land from a group called Alexandria Real Estate Equities, which had purchased it from FOCIL-MB, a division of Democratic financier Tom Steyer’s hedge fund... The exact dollar figure of its sale to the Warriors was not released. “We paid a very pretty penny,” the team’s co-owner said.
...In addition to the potential financial benefits of that “transit premium” for investors such as Pelosi, the light rail extension worked to the advantage of Salesforce itself. The company, which would not say whether it realized a gain on its sale to the Warriors, is helmed by a high-dollar Democratic donor.
CEO Marc Benioff bundled half-a-million dollars for President Barack Obama’s reelection campaign. He has donated an additional $300,000 to Democratic candidates, party organs, and interest groups, according to data compiled by CQ Moneyline.
But these Democrat oligarchs are for the middle class, don'tcha know?
Hat tip: BadBlue News.