By Joshua Sabatini : sfexaminer – excerpt
Looking to right their financial ship, Port of San Francisco officials are hoping to secure $60 million in federal stimulus dollars after revenues dropped by nearly half due to the COVID-19 pandemic.
“The Port is in a crisis,” Elaine Forbes, executive director of the Port of San Francisco, told the Board of Supervisors Budget and Appropriations Committee this week. “We have cut our capital budget to below life support. We’ve used our savings and we will be facing layoffs of essential employees without support and tools to right our ship. Our revenues have fallen nearly 50% for a total loss of $60 million and a projected $80 million over the next two years.”
“All stimulus money received will go towards avoiding layoffs, reimbursement to the port for tenant relief and rent forgiveness and restore capital maintenance repairs that keep the waterfront safe and secure,” Quezada said Thursday. “It will also replenish savings that we have drawn down in order to support port workers and small businesses.”…(more)
Cry me a river. Our Bay Area ports decided to curtail their industrial uses. We barely have a fishing industry left. Port of Oakland is hacking off a large share of its port real estate that is connected to an intermodal system including trucking and rail and air to future the prospects of a stadium on the bay. These cities sealed their fate by limiting their use to tourists and cutting off their industrial base. Now that we are in a worldwide shipping and transport crisis of sorts, the smart thing to do might be to rethink that plan. But, don’t hold your breath. The plan to force dense housing and tourists trinkets on the market will prevail, whether or not there is any demand for it and demand a bailout from Washington.