Gabe Greschler

After a March primary election that was <a href="https://sfstandard.com/2024/03/05/election-night-winners-and-losers-who-came-out-on-top-in-tuesdays-primary-contest/">dominated by public safety</a>, the upcoming mayoral contest appears to be quickly pivoting to another issue San Franciscans often disagree on.

Election night winners and losers: Who came out on top in Tuesday&#8217;s voting?

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After a March primary election that was <a href="https://sfstandard.com/2024/03/05/election-night-winners-and-losers-who-came-out-on-top-in-tuesdays-primary-contest/">dominated by public safety</a>, the upcoming mayoral contest appears to be quickly pivoting to another issue San Franciscans often disagree on.

You guessed it: Housing. And, for now, the people clamoring to build more of it are on the back foot.

You guessed it: Housing. And, for now, the people clamoring to build more of it are on the back foot.

On Tuesday, seven supervisors stood behind Board President Aaron Peskin and his legislation that seeks to preserve a handful of blocks in Telegraph Hill, an area home to some buildings dating back to the Gold Rush era. 

On Tuesday, seven supervisors stood behind Board President Aaron Peskin and his legislation that seeks to preserve a handful of blocks in Telegraph Hill, an area home to some buildings dating back to the Gold Rush era.

The supervisors who <a href="https://sfstandard.com/2024/03/04/aaron-peskin-san-francisco-mayor-race/">supported the expected mayoral candidate</a> in his housing bill—and struck down an earlier veto from Mayor London Breed—included those who are not even staunch allies of Peskin.&nbsp;

Aaron Peskin sees ‘a lane’ to winning San Francisco mayor’s race

The supervisors who <a href="https://sfstandard.com/2024/03/04/aaron-peskin-san-francisco-mayor-race/">supported the expected mayoral candidate</a> in his housing bill—and struck down an earlier veto from Mayor London Breed—included those who are not even staunch allies of Peskin.&nbsp;

“All politics and no policy,” Supervisor Rafael Mandelman described the situation during Tuesday’s meeting—a surprising barb thrown at the mayor. “The area actually at issue here is tiny.”

“All politics and no policy,” Supervisor Rafael Mandelman described the situation during Tuesday’s meeting—a surprising barb thrown at the mayor. “The area actually at issue here is tiny.”

San Francisco Supervisor Rafael Mandelman, right, listens during a meeting at the Supervisors Chambers at City Hall in San Francisco on Tuesday, March 26, 2024. The Board of Supervisors are expected to pass Peskin's housing legislation again after a veto from Mayor Breed earlier this month.

<figure class="wp-block-image size-large"><img src="https://content.sfstandard.com/wp-content/uploads/2024/03/20240326-mayorveto_eg_017.jpg?w=2500" alt="A man in glasses, focused and resting his chin on his hand, sits amidst blurred figures in a formal meeting room setting." class="wp-image-262729"/><figcaption class="wp-element-caption">San Francisco Supervisor Rafael Mandelman was among the lawmakers who sided with Board President Aaron Peskin&#8217;s effort to restrict density in part of his district. </figcaption></figure>

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<figure class="wp-block-image size-large"><img src="https://content.sfstandard.com/wp-content/uploads/2024/03/20240326-mayorveto_eg_017.jpg?w=2500" alt="A man in glasses, focused and resting his chin on his hand, sits amidst blurred figures in a formal meeting room setting." class="wp-image-262729"/><figcaption class="wp-element-caption">San Francisco Supervisor Rafael Mandelman was among the lawmakers who sided with Board President Aaron Peskin's effort to restrict density in part of his district. </figcaption></figure>

<figure class="wp-block-image size-large"><img src="https://content.sfstandard.com/wp-content/uploads/2024/03/20240326-mayorveto_eg_017.jpg?w=2500" alt="A man in glasses, focused and resting his chin on his hand, sits amidst blurred figures in a formal meeting room setting." class="wp-image-262729"/><figcaption class="wp-element-caption">San Francisco Supervisor Rafael Mandelman was among the lawmakers who sided with Board President Aaron Peskin&#8217;s effort to restrict density in part of his district. </figcaption></figure>

The moment was a defeat for Breed, who promised in her State of the City speech this month that she would block any legislation that crossed her desk she deemed as “anti-housing.” For Breed, the veto may go down as a political gamble that offers Peskin—or another progressive challenger in the mayoral race—a leg up this November.

The moment was a defeat for Breed, who promised in her State of the City speech this month that she would block any legislation that crossed her desk she deemed as “anti-housing.” For Breed, the veto may go down as a political gamble that offers Peskin—or another progressive challenger in the mayoral race—a leg up this November.

It also marked a setback for YIMBYs, who have racked up considerable political wins in recent years but are now facing more resistance—even from some lawmakers in the city’s moderate camp.

It also marked a setback for YIMBYs, who have racked up considerable political wins in recent years but are now facing more resistance—even from some lawmakers in the city’s moderate camp.

<h2 class="wp-block-heading" id="h-what-happened">What happened?</h2>

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<h2 class="wp-block-heading" id="h-what-happened">What happened?</h2>

At the end of February, the board approved Peskin’s housing legislation in an 8-3 vote, with Supervisors Joel Engardio, Myrna Melgar and Matt Dorsey dissenting.&nbsp;

At the end of February, the board approved Peskin’s housing legislation in an 8-3 vote, with Supervisors Joel Engardio, Myrna Melgar and Matt Dorsey dissenting.&nbsp;

The legislation comes after Peskin and Breed last summer teamed up to encourage <a href="https://sfplanning.org/project/downtown-adaptive-reuse-program#:~:text=New">housing development in the northeastern corner of the city</a> through the streamlining of office space to residential conversions.

The legislation comes after Peskin and Breed last summer teamed up to encourage <a href="https://sfplanning.org/project/downtown-adaptive-reuse-program#:~:text=New">housing development in the northeastern corner of the city</a> through the streamlining of office space to residential conversions.

However, Peskin says state law would have allowed for extra-large residential towers to bulldoze areas he considers vital to the city’s past: the Jackson Square and Northeast Waterfront historic districts. His efforts come after a spate of moves that have angered his critics, <a href="https://sfstandard.com/2024/02/07/supervisors-strike-down-challenge-to-pacific-heights-library-redevelopment/">including being the sole vote in favor of blocking a redevelopment project in Pacific Heights in February.</a>

Supervisors strike down challenge to Pacific Heights library redevelopment 

However, Peskin says state law would have allowed for extra-large residential towers to bulldoze areas he considers vital to the city’s past: the Jackson Square and Northeast Waterfront historic districts. His efforts come after a spate of moves that have angered his critics, <a href="https://sfstandard.com/2024/02/07/supervisors-strike-down-challenge-to-pacific-heights-library-redevelopment/">including being the sole vote in favor of blocking a redevelopment project in Pacific Heights in February.</a>

“Housing will get built, developers will still make sizable profits, but the reality is that they won’t be able to destroy the very things that make San Francisco so special. Today good planning won out over bad politics,” Peskin wrote in a statement after Tuesday’s vote.&nbsp;&nbsp;&nbsp;&nbsp;

“Housing will get built, developers will still make sizable profits, but the reality is that they won’t be able to destroy the very things that make San Francisco so special. Today good planning won out over bad politics,” Peskin wrote in a statement after Tuesday’s vote.&nbsp;&nbsp;&nbsp;&nbsp;

Peskin&#8217;s critics see his recent housing moves as an effort to appeal to a still-sizable constituency in San Francisco: preservation-minded residents who feel that denser housing taxes infrastructure and tarnishes neighborhood character, even if they agree with moderates on issues like public safety.

Peskin's critics see his recent housing moves as an effort to appeal to a still-sizable constituency in San Francisco: preservation-minded residents who feel that denser housing taxes infrastructure and tarnishes neighborhood character, even if they agree with moderates on issues like public safety.

Peskin&#8217;s critics see his recent housing moves as an effort to appeal to a still-sizable constituency in San Francisco: preservation-minded residents who feel that denser housing taxes infrastructure and tarnishes neighborhood character, even if they agree with moderates on issues like public safety.

“There’s a piece of the moderate coalition that’s at stake here,” said longtime San Francisco political consultant Jim Ross. “Which are homeowners.”&nbsp;

“There’s a piece of the moderate coalition that’s at stake here,” said longtime San Francisco political consultant Jim Ross. “Which are homeowners.”&nbsp;

Breed sees things differently, describing Peskin’s recent moves as anathema to her goal to build more housing in the city—she even stated she was “tired of his shenanigans” at a rally in front of City Hall. She vetoed Peskin’s bill this month with the hopes that one supervisor may have sided with her to keep her blockade intact.&nbsp;

Breed sees things differently, describing Peskin’s recent moves as anathema to her goal to build more housing in the city—she even stated she was “tired of his shenanigans” at a rally in front of City Hall. She vetoed Peskin’s bill this month with the hopes that one supervisor may have sided with her to keep her blockade intact.&nbsp;

Mayor London Breed speaks at the intersection of 9th Avenue and Irving Street in San Francisco on Wednesday, March 20, 2024. Mayor London Breed joined Police Chief Bill Scott, District Attorney Brooke Jenkins, Sheriff Paul Miyamoto, San Francisco Board of Supervisors Myrna Melgar, and Joel Engardio joined business leaders and members of the community to announce the City's plan to install 400 Automated License Plate Readers (ALPR) at approximately 100 intersections across San Francisco. These new public safety license plate reader cameras will be used by SFPD to address critical public safety issues, including organized retail theft and motor vehicle theft.

<figure class="wp-block-image size-large"><img src="https://content.sfstandard.com/wp-content/uploads/2024/03/powerplaynewsletter-07.jpg?w=2500" alt="A woman in a blue jacket speaks into a microphone with blurred figures and vehicles in the background." class="wp-image-261097"/><figcaption class="wp-element-caption">Mayor London Breed solidified her partnership with pro-housing voters when she vetoed a controversial ordinance to change density limits in a chunk of the waterfront. </figcaption></figure>

That gambit failed Tuesday after an identical 8-3 vote took place—with supervisors who sided with Peskin claiming Breed’s move was purely political, the legislation was small in scope and the Planning Commission had given its thumbs up.

That gambit failed Tuesday after an identical 8-3 vote took place—with supervisors who sided with Peskin claiming Breed’s move was purely political, the legislation was small in scope and the Planning Commission had given its thumbs up.

The squabble even plunked itself into state politics, with state Sen. Scott Wiener claiming in an opinion piece <a href="https://sfstandard.com/opinion/2024/03/25/letting-aaron-peskin-pass-another-anti-housing-law-would-be-a-slap-in-the-face-for-sf/">penned for The Standard</a> that Peskin’s bill was the latest in a long line of efforts to skewer housing production in the city.&nbsp;

Letting Aaron Peskin pass another anti-housing law would be a slap in the face for SF

The squabble even plunked itself into state politics, with state Sen. Scott Wiener claiming in an opinion piece <a href="https://sfstandard.com/opinion/2024/03/25/letting-aaron-peskin-pass-another-anti-housing-law-would-be-a-slap-in-the-face-for-sf/">penned for The Standard</a> that Peskin’s bill was the latest in a long line of efforts to skewer housing production in the city.&nbsp;

Former Mayor Art Agnos fought back in an article <a href="https://www.sfexaminer.com/forum/aaron-peskin-housing-criticism-misses-mark-art-agnos-says/article_e578420e-ebac-11ee-b800-d717bca05a0f.html">with the Examiner</a>, claiming YIMBYs like Wiener were pushing for “a radical one-size-fits-all approach promoted by calculating special interests in Sacramento who care nothing about our city.”

Former Mayor Art Agnos fought back in an article <a href="https://www.sfexaminer.com/forum/aaron-peskin-housing-criticism-misses-mark-art-agnos-says/article_e578420e-ebac-11ee-b800-d717bca05a0f.html">with the Examiner</a>, claiming YIMBYs like Wiener were pushing for “a radical one-size-fits-all approach promoted by calculating special interests in Sacramento who care nothing about our city.”

Housing emerges as a key wedge in November&nbsp;

<h2 class="wp-block-heading" id="h-housing-emerges-as-a-key-wedge-in-november-nbsp">Housing emerges as a key wedge in November&nbsp;</h2>

Tuesday’s vote was a speed bump for Breed, who is facing low poll numbers and a tough reelection battle.&nbsp;

Tuesday’s vote was a speed bump for Breed, who is facing low poll numbers and a tough reelection battle.&nbsp;

The beginning of March offered her momentum when three of Breed’s propositions during the March primary saw success—while a rousing win for moderates at the local Democratic County Central Committee further solidified her political base.

The beginning of March offered her momentum when three of Breed’s propositions during the March primary saw success—while a rousing win for moderates at the local Democratic County Central Committee further solidified her political base.

“I’m disappointed, but not surprised,” said Jake Price, an organizer for the YIMBY-oriented Housing Action Coalition in San Francisco, in an interview after the vote. “If we can’t agree to build housing in affluent neighborhoods adjacent to the downtown we want to revitalize, where can we build housing?”

“I’m disappointed, but not surprised,” said Jake Price, an organizer for the YIMBY-oriented Housing Action Coalition in San Francisco, in an interview after the vote. “If we can’t agree to build housing in affluent neighborhoods adjacent to the downtown we want to revitalize, where can we build housing?”

Breed’s veto—and her promise during her State of the City address—firmly validated her allyship with the YIMBY coalition, which has historically backed Breed but hasn’t yet made endorsements for November.

Breed’s veto—and her promise during her State of the City address—firmly validated her allyship with the YIMBY coalition, which has historically backed Breed but hasn’t yet made endorsements for November.

But in a crowded field of contenders, Breed’s moderate opponent, former Supervisor Mark Farrell, may see a path to victory without the backing of dedicated pro-housing voters.&nbsp;

But in a crowded field of contenders, Breed’s moderate opponent, former Supervisor Mark Farrell, may see a path to victory without the backing of dedicated pro-housing voters.&nbsp;

A variety of styles of homes and residential buildings are positioned along Greenwich Street under Coit Tower in Telegraph Hill in San Francisco on Friday, Feb. 9, 2024. Luxury home sales were significantly down in 2023 and experienced real estate brokers have theories about macro economics, changing attitudes, and the San Francisco housing crisis.

<figure class="wp-block-image size-large"><img src="https://content.sfstandard.com/wp-content/uploads/2024/02/20240210-sfluxurymarketfeature_-0466.jpg?w=2500" alt="A cityscape with Coit Tower atop a hill, flanked by trees and terraced modern houses under a clear sky." class="wp-image-250247"/><figcaption class="wp-element-caption">Supervisor Aaron Peskin&#8217;s Telegraph Hill neighborhood emerged as a flashpoint for disagreements on housing policy. </figcaption></figure>

<figure class="wp-block-image size-large"><img src="https://content.sfstandard.com/wp-content/uploads/2024/02/20240210-sfluxurymarketfeature_-0466.jpg?w=2500" alt="A cityscape with Coit Tower atop a hill, flanked by trees and terraced modern houses under a clear sky." class="wp-image-250247"/><figcaption class="wp-element-caption">Supervisor Aaron Peskin's Telegraph Hill neighborhood emerged as a flashpoint for disagreements on housing policy. </figcaption></figure>

<figure class="wp-block-image size-large"><img src="https://content.sfstandard.com/wp-content/uploads/2024/02/20240210-sfluxurymarketfeature_-0466.jpg?w=2500" alt="A cityscape with Coit Tower atop a hill, flanked by trees and terraced modern houses under a clear sky." class="wp-image-250247"/><figcaption class="wp-element-caption">Supervisor Aaron Peskin&#8217;s Telegraph Hill neighborhood emerged as a flashpoint for disagreements on housing policy. </figcaption></figure>

Farrell rankled YIMBYs last week when he told <a href="https://missionlocal.org/2024/03/mark-farrells-common-sense/?utm_campaign=SF+Standard+Power+Play&amp;utm_content=p-text&amp;utm_medium=email&amp;utm_source=SF+Standard">Mission Local’s Joe Eskenazi</a> that housing development should be focused on already-dense areas like downtown, a move that may have cost him support among pro-housing advocates. YIMBYs want to see denser housing in neighborhoods in the western and northern parts of the city.

Farrell rankled YIMBYs last week when he told <a href="https://missionlocal.org/2024/03/mark-farrells-common-sense/?utm_campaign=SF+Standard+Power+Play&amp;utm_content=p-text&amp;utm_medium=email&amp;utm_source=SF+Standard">Mission Local’s Joe Eskenazi</a> that housing development should be focused on already-dense areas like downtown, a move that may have cost him support among pro-housing advocates. YIMBYs want to see denser housing in neighborhoods in the western and northern parts of the city.

Farrell told The Standard that he, too, would have vetoed Peskin’s bill. Daniel Lurie,  the nonprofit leader and Levi’s heir also running for mayor did not respond. Supervisor and mayoral candidate Ahsha Safaí voted for Peskin&#8217;s legislation.

Farrell told The Standard that he, too, would have vetoed Peskin’s bill. Daniel Lurie, the nonprofit leader and Levi’s heir also running for mayor did not respond. Supervisor and mayoral candidate Ahsha Safaí voted for Peskin's legislation.

Farrell told The Standard that he, too, would have vetoed Peskin’s bill. Daniel Lurie, the nonprofit leader and Levi’s heir also running for mayor did not respond. Supervisor and mayoral candidate Ahsha Safaí voted for Peskin&#8217;s legislation.

“We’ve been waiting to hear Mark Farrell say more about housing. Now that he has, it’s clear he has no grasp of our housing shortage and YIMBY voters see right through this nonsense,” said YIMBY Action’s Jane Natoli.

“We’ve been waiting to hear Mark Farrell say more about housing. Now that he has, it’s clear he has no grasp of our housing shortage and YIMBY voters see right through this nonsense,” said YIMBY Action’s Jane Natoli.

“That’s a tension that you’re starting to see play out here,” Ross said. “You have the YIMBY groups … but when you look at where you get the votes to become mayor, you have a lot of voters who don’t necessarily agree with those positions.”

“That’s a tension that you’re starting to see play out here,” Ross said. “You have the YIMBY groups … but when you look at where you get the votes to become mayor, you have a lot of voters who don’t necessarily agree with those positions.”

YIMBYs on their heels as race for mayor heats up

Josh Koehn

On a recent Friday afternoon, <a href="https://sfstandard.com/search/?query=chris%20larsen">Chris Larsen</a> sat behind the wheel of a gunmetal Porsche 918 Spyder, zipping through the Broadway Tunnel. The car—top speed: 214 mph; cost: more than $1 million—gave off distinct Batmobile vibes with its raised roof and nostrils-flared front paneling. It’s the kind of ride one might expect from a crypto billionaire in a hurry, and on a mission.

On a recent Friday afternoon, <a href="https://sfstandard.com/search/?query=chris%20larsen">Chris Larsen</a> sat behind the wheel of a gunmetal Porsche 918 Spyder, zipping through the Broadway Tunnel. The car—top speed: 214 mph; cost: more than $1 million—gave off distinct Batmobile vibes with its raised roof and nostrils-flared front paneling. It’s the kind of ride one might expect from a crypto billionaire in a hurry, and on a mission.

But this automotive swagger could also describe Larsen’s aggressive approach to reshaping San Francisco. Over the last six years, the founder of Ripple Labs has become a gravitational force in city politics, funding surveillance cameras and shelling out millions for candidates and causes he supports—and dropping the weight of his checkbook on those he opposes.

But this automotive swagger could also describe Larsen’s aggressive approach to reshaping San Francisco. Over the last six years, the founder of Ripple Labs has become a gravitational force in city politics, funding surveillance cameras and shelling out millions for candidates and causes he supports—and dropping the weight of his checkbook on those he opposes.

Larsen doled out more than $1 million for the March 5 election, including $750,000 to support two of Mayor London Breed’s ballot measures: one to force welfare recipients suspected of drug addiction into treatment; and another to bolster public safety, which included giving cops greater access to surveillance tools like drones and license-plate readers. Both propositions passed easily.

Larsen doled out more than $1 million for the March 5 election, including $750,000 to support two of Mayor London Breed’s ballot measures: one to force welfare recipients suspected of drug addiction into treatment; and another to bolster public safety, which included giving cops greater access to surveillance tools like drones and license-plate readers. Both propositions passed easily.

In less than a decade, Larsen has channeled more than $3.6 million total into San Francisco politics, plus millions more toward state and federal campaigns—almost all to Democrats. He has given six-figure contributions to moderate groups like GrowSF, Abundant SF and Neighbors for a Better San Francisco, while also helping supervisor candidates and tossing massive sums into ballot measures on housing, homelessness and public transit.&nbsp;

In less than a decade, Larsen has channeled more than $3.6 million total into San Francisco politics, plus millions more toward state and federal campaigns—almost all to Democrats. He has given six-figure contributions to moderate groups like GrowSF, Abundant SF and Neighbors for a Better San Francisco, while also helping supervisor candidates and tossing massive sums into ballot measures on housing, homelessness and public transit.&nbsp;

Larsen is in rarified air even for the San Francisco rich who are fueling <a href="https://sfstandard.com/2024/02/16/san-francisco-mark-farrell-mayor-race-fundraising/">record political spending</a> in a bid to upend the status quo and transform local governance. Heading into November, his top goal is helping Mayor London Breed overcome her floundering poll numbers to win reelection.&nbsp;

Breed challenger hauls in $200K in first 2 days of campaign

Larsen is in rarified air even for the San Francisco rich who are fueling <a href="https://sfstandard.com/2024/02/16/san-francisco-mark-farrell-mayor-race-fundraising/">record political spending</a> in a bid to upend the status quo and transform local governance. Heading into November, his top goal is helping Mayor London Breed overcome her floundering poll numbers to win reelection.&nbsp;

“She’s taken this city through the most hellacious years,” Larsen said, referencing Breed’s handling of the pandemic and fallout from the police killing of George Floyd in 2020. “The social justice protests, riots—whatever you want to call them—she held the city together.”

“She’s taken this city through the most hellacious years,” Larsen said, referencing Breed’s handling of the pandemic and fallout from the police killing of George Floyd in 2020. “The social justice protests, riots—whatever you want to call them—she held the city together.”

San Francisco Mayor London Breed takes a knee for eight minutes and forty six seconds in honor of George Floyd at City Hall on Tuesday, June 9, 2020, in San Francisco. Black Lives Matter demonstrations continued in the wake of the death of George Floyd, who was killed in Minneapolis police custody. | Santiago Mejia/The San Francisco Chronicle via Getty Images

<figure class="wp-block-image size-large"><img src="https://content.sfstandard.com/wp-content/uploads/2024/03/inlined03_20240318chrislarsen.jpg?w=1615" alt="Mayor London Breed kneels on the ground in front of the City Hall entrance, as people hold protest signs in the background." class="wp-image-261135"/><figcaption class="wp-element-caption">San Francisco Mayor London Breed’s work to keep the city together during social justice protests in 2020 helped her win Chris Larsen&#8217;s respect—and his financial support. </figcaption></figure>

<figure class="wp-block-image size-large"><img src="https://content.sfstandard.com/wp-content/uploads/2024/03/inlined03_20240318chrislarsen.jpg?w=1615" alt="Mayor London Breed kneels on the ground in front of the City Hall entrance, as people hold protest signs in the background." class="wp-image-261135"/><figcaption class="wp-element-caption">San Francisco Mayor London Breed’s work to keep the city together during social justice protests in 2020 helped her win Chris Larsen's respect—and his financial support. </figcaption></figure>

<figure class="wp-block-image size-large"><img src="https://content.sfstandard.com/wp-content/uploads/2024/03/inlined03_20240318chrislarsen.jpg?w=1615" alt="Mayor London Breed kneels on the ground in front of the City Hall entrance, as people hold protest signs in the background." class="wp-image-261135"/><figcaption class="wp-element-caption">San Francisco Mayor London Breed’s work to keep the city together during social justice protests in 2020 helped her win Chris Larsen&#8217;s respect—and his financial support. </figcaption></figure>

Exactly how much money Larsen will pour into November is unknown, but he’s clearly invested in Breed. In 2021, he quietly plunked down more than $42,000 to cover the mayor’s ethics fine and attorney fees connected, in part, to gifts she received from key players involved in a <a href="https://sfstandard.com/2023/08/04/players-in-san-francisco-corruption-scandal-mohammed-nuru/">City Hall corruption scandal</a>.

San Francisco corruption scandal: A guide to the players involved

Exactly how much money Larsen will pour into November is unknown, but he’s clearly invested in Breed. In 2021, he quietly plunked down more than $42,000 to cover the mayor’s ethics fine and attorney fees connected, in part, to gifts she received from key players involved in a <a href="https://sfstandard.com/2023/08/04/players-in-san-francisco-corruption-scandal-mohammed-nuru/">City Hall corruption scandal</a>.

The money flowing from Larsen and other wealthy tech execs in the city has agitated concerns that billionaires are winning an auction for San Francisco’s soul.

The money flowing from Larsen and other wealthy tech execs in the city has agitated concerns that billionaires are winning an auction for San Francisco’s soul.

Larsen and others in the centrist camp of Democratic politics in San Francisco openly admit they intend to leverage newly gained control of the local party to win a majority of seats on the Board of Supervisors and reform the city charter, giving Breed—or perhaps one of her rivals—more executive powers over department heads and policymaking commissions.

Larsen and others in the centrist camp of Democratic politics in San Francisco openly admit they intend to leverage newly gained control of the local party to win a majority of seats on the Board of Supervisors and reform the city charter, giving Breed—or perhaps one of her rivals—more executive powers over department heads and policymaking commissions.

“We need to get rid of the bureaucracy that’s holding everything back,” Larsen said. “Give the mayor the power. And then if they screw up, toss them out.”

“We need to get rid of the bureaucracy that’s holding everything back,” Larsen said. “Give the mayor the power. And then if they screw up, toss them out.”

<h2 class="wp-block-heading" id="h-a-trump-like-candidate-for-mayor">A ‘Trump-like’ candidate for mayor</h2>

Any shortcomings of Breed’s administration, Larsen said, should be laid at the feet of an obstructionary Board of Supervisors. He blames the “far left” for the toxicity of San Francisco politics, but he also believes that tech and business interests will no longer be cowed into submission by progressive activists.&nbsp;

Any shortcomings of Breed’s administration, Larsen said, should be laid at the feet of an obstructionary Board of Supervisors. He blames the “far left” for the toxicity of San Francisco politics, but he also believes that tech and business interests will no longer be cowed into submission by progressive activists.&nbsp;

“That’s really fundamentally changed,” Larsen said. “The attacks? It seems like paper tigers, frankly.”

“That’s really fundamentally changed,” Larsen said. “The attacks? It seems like paper tigers, frankly.”

Larsen contends that anything other than a Breed victory in November would put San Francisco in a worse position. Aaron Peskin, the progressive president of the board and a presumed candidate for mayor, presents a doomsday scenario for moderates if they were able to achieve all of their goals this year but lose the Mayor’s Office.

Larsen contends that anything other than a Breed victory in November would put San Francisco in a worse position. Aaron Peskin, the progressive president of the board and a presumed candidate for mayor, presents a doomsday scenario for moderates if they were able to achieve all of their goals this year but lose the Mayor’s Office.

“If [Peskin] were to become mayor … that would be catastrophic, because he’s just a divisive, anti-housing figure,” said Larsen, who added that he used to be neighbors with the supervisor when he lived near Telegraph Hill. “He’s just all the bad stuff that we’ve been living through: the architect of this bureaucracy.”

“If [Peskin] were to become mayor … that would be catastrophic, because he’s just a divisive, anti-housing figure,” said Larsen, who added that he used to be neighbors with the supervisor when he lived near Telegraph Hill. “He’s just all the bad stuff that we’ve been living through: the architect of this bureaucracy.”

Peskin declined to comment for this story.

Peskin declined to comment for this story.

Larsen suggested that candidate Daniel Lurie, an anti-poverty nonprofit founder and wealthy heir to the Levi Strauss fortune, lacks the experience to deal with the “swamp.” Meanwhile, Larsen’s greatest animus is reserved for Mark Farrell, a former supervisor and mayor who is tacking to the right of Breed. Farrell has talked tough about clearing homeless encampments within a year, firing the police chief and putting more cops on the street.

Larsen suggested that candidate Daniel Lurie, an anti-poverty nonprofit founder and wealthy heir to the Levi Strauss fortune, lacks the experience to deal with the “swamp.” Meanwhile, Larsen’s greatest animus is reserved for Mark Farrell, a former supervisor and mayor who is tacking to the right of Breed. Farrell has talked tough about clearing homeless encampments within a year, firing the police chief and putting more cops on the street.

Mark Farrell, a former San Francisco mayor and supervisor, formally announce his candidacy at the San Francisco Baseball Academy at 3010 Geary Boulevard in San Francisco on Tuesday, Feb. 13, 2024. Mark Farrell will challenge London Breed and other candidates in the November 2024 mayoral election.

<figure class="wp-block-image size-large"><img src="https://content.sfstandard.com/wp-content/uploads/2024/02/20240205farrellmayor008.jpg?w=2500" alt="A man at a podium with a &quot;Mark Farrell for Mayor&quot; sign and supporters behind him." class="wp-image-249200"/><figcaption class="wp-element-caption">Mark Farrell&#8217;s effort to unseat Mayor London Breed in the 2024 election has made him a target of crypto billionaire Chris Larsen, who supports the incumbent.</figcaption></figure>

<figure class="wp-block-image size-large"><img src="https://content.sfstandard.com/wp-content/uploads/2024/02/20240205farrellmayor008.jpg?w=2500" alt="A man at a podium with a &quot;Mark Farrell for Mayor&quot; sign and supporters behind him." class="wp-image-249200"/><figcaption class="wp-element-caption">Mark Farrell's effort to unseat Mayor London Breed in the 2024 election has made him a target of crypto billionaire Chris Larsen, who supports the incumbent.</figcaption></figure>

<figure class="wp-block-image size-large"><img src="https://content.sfstandard.com/wp-content/uploads/2024/02/20240205farrellmayor008.jpg?w=2500" alt="A man at a podium with a &quot;Mark Farrell for Mayor&quot; sign and supporters behind him." class="wp-image-249200"/><figcaption class="wp-element-caption">Mark Farrell&#8217;s effort to unseat Mayor London Breed in the 2024 election has made him a target of crypto billionaire Chris Larsen, who supports the incumbent.</figcaption></figure>

“Mark Farrell and his BS about he’s just going to come in and magically wave his wand, I mean, it’s Trump-like lying about that stuff,” Larsen said. “That guy is just an opportunist. He’ll say anything. Where was he during the pandemic, by the way?”

“Mark Farrell and his BS about he’s just going to come in and magically wave his wand, I mean, it’s Trump-like lying about that stuff,” Larsen said. “That guy is just an opportunist. He’ll say anything. Where was he during the pandemic, by the way?”

Larsen added: “I get mad at the progressives. They want to label everybody ‘right-wing’ that opposes them. But with a Mark Farrell, that is what you’re going to get. He’s basically a Republican running for mayor.”

Larsen added: “I get mad at the progressives. They want to label everybody ‘right-wing’ that opposes them. But with a Mark Farrell, that is what you’re going to get. He’s basically a Republican running for mayor.”

Jade Tu, Farrell’s campaign manager, said that Larsen should be “ashamed of himself” for comparing Farrell, a lifelong Democrat, to Donald Trump. She accused Larsen of “gaslighting” while noting his support of far-left District Attorney Chesa Boudin. 

Jade Tu, Farrell’s campaign manager, said that Larsen should be “ashamed of himself” for comparing Farrell, a lifelong Democrat, to Donald Trump. She accused Larsen of “gaslighting” while noting his support of far-left District Attorney Chesa Boudin.

Larsen dropped $115,000 in 2022 in an attempt to thwart the recall of Boudin—one of the most progressive prosecutors in the country and, ironically, a foil of Breed’s.&nbsp;

Larsen dropped $115,000 in 2022 in an attempt to thwart the recall of Boudin—one of the most progressive prosecutors in the country and, ironically, a foil of Breed’s.&nbsp;

DA Chesa Boudin addresses is supporters at The Ramp on Terry A Francois Blvd in San Francisco, Calif. on Tues. June 7, 2022. | Camille Cohen/The Standard

<figure class="wp-block-image size-large"><img src="https://content.sfstandard.com/wp-content/uploads/2022/06/NEW-1-scaled.jpg?w=2500" alt="Chesa Boudin stands before a crowd, facing bright lights, holding a microphone." class="wp-image-53709"/><figcaption class="wp-element-caption">Chesa Boudin, San Francisco&#8217;s former district attorney, received financial support from Chris Larsen during the 2022 recall, but the prosecutor was still ousted. | Camille Cohen/The Standard</figcaption></figure>

<figure class="wp-block-image size-large"><img src="https://content.sfstandard.com/wp-content/uploads/2022/06/NEW-1-scaled.jpg?w=2500" alt="Chesa Boudin stands before a crowd, facing bright lights, holding a microphone." class="wp-image-53709"/><figcaption class="wp-element-caption">Chesa Boudin, San Francisco's former district attorney, received financial support from Chris Larsen during the 2022 recall, but the prosecutor was still ousted. | Camille Cohen/The Standard</figcaption></figure>

<figure class="wp-block-image size-large"><img src="https://content.sfstandard.com/wp-content/uploads/2022/06/NEW-1-scaled.jpg?w=2500" alt="Chesa Boudin stands before a crowd, facing bright lights, holding a microphone." class="wp-image-53709"/><figcaption class="wp-element-caption">Chesa Boudin, San Francisco&#8217;s former district attorney, received financial support from Chris Larsen during the 2022 recall, but the prosecutor was still ousted. | Camille Cohen/The Standard</figcaption></figure>

“The one thing I will criticize [Boudin] on is he didn’t work enough with the mayor or with the police,” Larsen said by way of explanation. “That was kind of a lost opportunity.”

“The one thing I will criticize [Boudin] on is he didn’t work enough with the mayor or with the police,” Larsen said by way of explanation. “That was kind of a lost opportunity.”

But he quickly pivoted, giving money to District Attorney Brooke Jenkins, who actively worked to recall her predecessor.

But he quickly pivoted, giving money to District Attorney Brooke Jenkins, who actively worked to recall her predecessor.

“Chris Larsen is backing the status quo, failed leadership and a mayor with over a 70% disapproval rating,” Tu said. “Good luck with that.”

“Chris Larsen is backing the status quo, failed leadership and a mayor with over a 70% disapproval rating,” Tu said. “Good luck with that.”

<h2 class="wp-block-heading" id="h-finding-security-in-surveillance">Finding security in surveillance</h2>

As far as eccentric billionaires go, Larsen has a little Bruce Wayne in him. The earnest yet enigmatic 63-year-old entrepreneur was born in San Francisco before growing up in a tract home in Cupertino. He was the middle child of a United Airlines mechanic father and a freelance artist mother who fled Nazi Germany during World War II.

As far as eccentric billionaires go, Larsen has a little Bruce Wayne in him. The earnest yet enigmatic 63-year-old entrepreneur was born in San Francisco before growing up in a tract home in Cupertino. He was the middle child of a United Airlines mechanic father and a freelance artist mother who fled Nazi Germany during World War II.

He watched his father—a union man “out of central casting,” Larsen said—grow angry and bitter over the way financial institutions put the screws to him when refinancing his home or applying for loans. This struggle shaped Larsen, who graduated from San Francisco State University before working as an accountant for Chevron and graduating from Stanford’s business school. He went on to launch startup companies E-Loan and Prosper, the latter of which focused on peer-to-peer lending.

He watched his father—a union man “out of central casting,” Larsen said—grow angry and bitter over the way financial institutions put the screws to him when refinancing his home or applying for loans. This struggle shaped Larsen, who graduated from San Francisco State University before working as an accountant for Chevron and graduating from Stanford’s business school. He went on to launch startup companies E-Loan and Prosper, the latter of which focused on peer-to-peer lending.

Over the years, Larsen mostly remained a quiet observer of local politics who donated millions to local causes with little fanfare. He founded Ripple Labs in 2012 and soon became one of the richest people in the world—in 2018, his net worth was estimated at $59 billion, but he is now worth a rather modest $3 billion.

Over the years, Larsen mostly remained a quiet observer of local politics who donated millions to local causes with little fanfare. He founded Ripple Labs in 2012 and soon became one of the richest people in the world—in 2018, his net worth was estimated at $59 billion, but he is now worth a rather modest $3 billion.

Chris Larsen, co-founder and executive chairman of Ripple, poses for a portrait at Ripple’s headquarters in San Francisco on Wednesday, Mar. 13, 2024. Larsen is a crypto billionaire who has drawn comparisons to the fictional Batman character Bruce Wayne for his aggressive approach to public safety in San Francisco and is viewed by some as an interloper intent on creating a surveillance state that mostly serves to advance his ambitions for greater wealth and control, while Larsen's supporters have called him a benevolent force for good in a city that has gone off the rails.

<figure class="wp-block-image size-large"><img src="https://content.sfstandard.com/wp-content/uploads/2024/03/inlined08_20240318chrislarsen.jpg?w=2500" alt="Chris Larsen sits on a modular wooden bench in Ripple Labs’ office while surrounded by colorful cushions." class="wp-image-261140"/><figcaption class="wp-element-caption">Chris Larsen serves as executive chairman of Ripple, but also spends considerable time working in other fields such as politics and climate change.</figcaption></figure>

It was in 2016, when Larsen said that multiple property crimes occurred at his family’s home in Russian Hill, that he became more animated about San Francisco politics.

It was in 2016, when Larsen said that multiple property crimes occurred at his family’s home in Russian Hill, that he became more animated about San Francisco politics.

En route to the airport, Larsen’s father-in-law parked his car by the family’s home near the Lombard Street steps for a quick visit. “He comes into the house for two minutes, and his luggage is cleaned out,” Larsen recalled. Not long after, a person hopped over the fence around Larsen’s yard and tried to break into the house, he said.

En route to the airport, Larsen’s father-in-law parked his car by the family’s home near the Lombard Street steps for a quick visit. “He comes into the house for two minutes, and his luggage is cleaned out,” Larsen recalled. Not long after, a person hopped over the fence around Larsen’s yard and tried to break into the house, he said.

It’s not clear if Larsen filed police reports, but he met with then-District Attorney George Gascón&#8217;s team to share information about the incidents and the professional crews of thieves he suspected were targeting San Francisco.

It’s not clear if Larsen filed police reports, but he met with then-District Attorney George Gascón's team to share information about the incidents and the professional crews of thieves he suspected were targeting San Francisco.

It’s not clear if Larsen filed police reports, but he met with then-District Attorney George Gascón&#8217;s team to share information about the incidents and the professional crews of thieves he suspected were targeting San Francisco.

It’s a far cry from a ripped pearl necklace and an alleyway shooting that claimed Bruce Wayne’s parents in the Batman films, traumatizing the boy into a bat fetish, yet it’s clear the incidents spurred Larsen to become one of the most active political donors in city history.

It’s a far cry from a ripped pearl necklace and an alleyway shooting that claimed Bruce Wayne’s parents in the Batman films, traumatizing the boy into a bat fetish, yet it’s clear the incidents spurred Larsen to become one of the most active political donors in city history.

By that time, Larsen had already spent several years bankrolling security cameras around San Francisco. Today, more than 1,500 cameras—mostly managed by a half-dozen community benefit districts—now blanket neighborhoods like Union Square, Fisherman’s Wharf, Russian Hill, Japantown and the Tenderloin.&nbsp;&nbsp;

By that time, Larsen had already spent several years bankrolling security cameras around San Francisco. Today, more than 1,500 cameras—mostly managed by a half-dozen community benefit districts—now blanket neighborhoods like Union Square, Fisherman’s Wharf, Russian Hill, Japantown and the Tenderloin.&nbsp;&nbsp;

A homeless tent encampment along Willow Street in the Tenderloin neighborhood of San Francisco on Thursday, Jan. 19, 2024. Experts suggest that the pricing of Fentanyl is lower in San Francisco compared to Los Angeles and other major cities, pointing to the presence of a larger market and this may explain the increase in drug users coming to San Francisco.

<figure class="wp-block-image size-large"><img src="https://content.sfstandard.com/wp-content/uploads/2024/03/inlined05_20240318chrislarsen.jpg?w=2500" alt="An alley in the Tenderloin with tents, graffiti, a person and a dog in a homeless encampment." class="wp-image-261137"/><figcaption class="wp-element-caption">Surveillance cameras are being installed in blocks across the Tenderloin after Chris Larsen donated money to the neighborhood&#8217;s community benefit district.</figcaption></figure>

<figure class="wp-block-image size-large"><img src="https://content.sfstandard.com/wp-content/uploads/2024/03/inlined05_20240318chrislarsen.jpg?w=2500" alt="An alley in the Tenderloin with tents, graffiti, a person and a dog in a homeless encampment." class="wp-image-261137"/><figcaption class="wp-element-caption">Surveillance cameras are being installed in blocks across the Tenderloin after Chris Larsen donated money to the neighborhood's community benefit district.</figcaption></figure>

<figure class="wp-block-image size-large"><img src="https://content.sfstandard.com/wp-content/uploads/2024/03/inlined05_20240318chrislarsen.jpg?w=2500" alt="An alley in the Tenderloin with tents, graffiti, a person and a dog in a homeless encampment." class="wp-image-261137"/><figcaption class="wp-element-caption">Surveillance cameras are being installed in blocks across the Tenderloin after Chris Larsen donated money to the neighborhood&#8217;s community benefit district.</figcaption></figure>

The cameras have helped solve <a href="https://www.kron4.com/news/bay-area/girl-4-kidnapped-in-san-francisco-is-still-missing-police-say/">kidnappings</a>, among other crimes, but privacy advocates have expressed alarm over the way people can be tracked. The American Civil Liberties Union and Electronic Frontier Foundation (EFF) both oppose Larsen’s privately funded surveillance network, but he dismissed their concerns as a fundraising strategy.

The cameras have helped solve <a href="https://www.kron4.com/news/bay-area/girl-4-kidnapped-in-san-francisco-is-still-missing-police-say/">kidnappings</a>, among other crimes, but privacy advocates have expressed alarm over the way people can be tracked. The American Civil Liberties Union and Electronic Frontier Foundation (EFF) both oppose Larsen’s privately funded surveillance network, but he dismissed their concerns as a fundraising strategy.

“It’s lovely that Mr. Larsen is concerned about our finances, but we’re doing just fine, thanks,” said Cindy Cohn, executive director of the EFF. She added that Larsen must be doing well if he can afford to spend so much money on ballot measures “to drown out the voices of concerned citizens.”

“It’s lovely that Mr. Larsen is concerned about our finances, but we’re doing just fine, thanks,” said Cindy Cohn, executive director of the EFF. She added that Larsen must be doing well if he can afford to spend so much money on ballot measures “to drown out the voices of concerned citizens.”

Larsen said the city’s problems around property crime are “easy to solve” through surveillance technology. He warned that a failure to implement new strategies in the police department, which is experiencing a staff shortage in the hundreds while new cadet classes are in the teens, could lead to harsher tough-on-crime policies.

Larsen said the city’s problems around property crime are “easy to solve” through surveillance technology. He warned that a failure to implement new strategies in the police department, which is experiencing a staff shortage in the hundreds while new cadet classes are in the teens, could lead to harsher tough-on-crime policies.

“Most San Franciscans want criminal justice reform,” Larsen said. “They want to make sure that police are held accountable when they do things wrong. But that doesn’t mean you can have public safety empowering these [property crime] crews.”

“Most San Franciscans want criminal justice reform,” Larsen said. “They want to make sure that police are held accountable when they do things wrong. But that doesn’t mean you can have public safety empowering these [property crime] crews.”

<h2 class="wp-block-heading" id="h-while-you-were-sleeping">While you were sleeping</h2>

Larsen lives with his wife and two sons in Russian Hill in a home that was apparently designed by architect Earle B. Bertz and features a panoramic view of the bay, a Tuscan courtyard and a wine cellar.

Larsen lives with his wife and two sons in Russian Hill in a home that was apparently designed by architect Earle B. Bertz and features a panoramic view of the bay, a Tuscan courtyard and a wine cellar.

In his free time, he swims to stay in shape and spends weekends restoring classic cars with one of his sons. They’ve already fixed up a 1962 Volkswagen bus, and they’re currently restoring a 1965 Porsche 911, a vehicle Car and Driver called <a href="https://www.caranddriver.com/reviews/a42620773/1965-porsche-911-by-the-numbers/">“the stuff legends are made of.”</a>

In his free time, he swims to stay in shape and spends weekends restoring classic cars with one of his sons. They’ve already fixed up a 1962 Volkswagen bus, and they’re currently restoring a 1965 Porsche 911, a vehicle Car and Driver called <a href="https://www.caranddriver.com/reviews/a42620773/1965-porsche-911-by-the-numbers/">“the stuff legends are made of.”</a>

However, Larsen didn’t become one of the richest people in the world without maniacally optimizing every minute of his day—including when he’s asleep.&nbsp;

However, Larsen didn’t become one of the richest people in the world without maniacally optimizing every minute of his day—including when he’s asleep.&nbsp;

Larsen separates his daily work into “pods” that include: his role as executive chairman of Ripple’s board; another pod for climate change projects with Mike Brune, the former head of the Sierra Club; a politics pod with Alex Tourk, a City Hall power player who now runs a consulting firm; a global philanthropy pod overseen by Rippleworks, a nonprofit his company launched in 2015; and a pod assisting his wife, Lyna Lam, a Cambodian refugee who runs the Khmer Buddhist Foundation, which is building a temple in San Jose.

Larsen separates his daily work into “pods” that include: his role as executive chairman of Ripple’s board; another pod for climate change projects with Mike Brune, the former head of the Sierra Club; a politics pod with Alex Tourk, a City Hall power player who now runs a consulting firm; a global philanthropy pod overseen by Rippleworks, a nonprofit his company launched in 2015; and a pod assisting his wife, Lyna Lam, a Cambodian refugee who runs the Khmer Buddhist Foundation, which is building a temple in San Jose.

In 2018, Larsen and Lam made a <a href="https://franciscopark.org/announcing-francisco-parks-newest-leadership-gift-more-news/">$2.5 million donation</a> to help create the scenic Francisco Park near their home in Russian Hill.

In 2018, Larsen and Lam made a <a href="https://franciscopark.org/announcing-francisco-parks-newest-leadership-gift-more-news/">$2.5 million donation</a> to help create the scenic Francisco Park near their home in Russian Hill.

Francisco Park on May 14, 2002 in San Francisco, Calif. 

<figure class="wp-block-image size-large"><img src="https://content.sfstandard.com/wp-content/uploads/2022/06/FanciscoPark-scaled.jpg?w=2500" alt="A sunset cityscape with Francisco Park seen at sunset with buildings and distant mountains in the background under a golden sky." class="wp-image-57353"/><figcaption class="wp-element-caption">On top of his political contributions, Chris Larsen helped fund the creation of Francisco Park in the city’s Russian Hill neighborhood. </figcaption></figure>

“Yeah, there’s a ton going on, and it just kind of mixes economics, politics, technology,” said Larsen, who described his work on climate change as the most fun—before ominously noting he expects a sharp increase in heat-related deaths around the globe this summer.

“Yeah, there’s a ton going on, and it just kind of mixes economics, politics, technology,” said Larsen, who described his work on climate change as the most fun—before ominously noting he expects a sharp increase in heat-related deaths around the globe this summer.

Asheesh Birla, a tech investor whom Larsen hired to work at Ripple a decade ago before going on to serve on the company’s board, said that while running Ripple, Larsen had a hard-and-fast rule to leave work at 5:30 p.m. to pick up his kids from school before hopping back online later in the evening.

Asheesh Birla, a tech investor whom Larsen hired to work at Ripple a decade ago before going on to serve on the company’s board, said that while running Ripple, Larsen had a hard-and-fast rule to leave work at 5:30 p.m. to pick up his kids from school before hopping back online later in the evening.

“It’s very deliberate,” Birla said. “He’s got a great routine.”

“It’s very deliberate,” Birla said. “He’s got a great routine.”

Part of that routine also involves going to bed at 9:30 p.m., waking up at 3 a.m. to read the news or a book for two and a half hours, going back to bed from 5:30 a.m. to 7 a.m., and then waking up to get the kids off to school. The nocturnal reading keeps Larsen informed and ahead of the curve, while that last 90 minutes of sleep apparently fuels his ability to see beyond the horizon.

Part of that routine also involves going to bed at 9:30 p.m., waking up at 3 a.m. to read the news or a book for two and a half hours, going back to bed from 5:30 a.m. to 7 a.m., and then waking up to get the kids off to school. The nocturnal reading keeps Larsen informed and ahead of the curve, while that last 90 minutes of sleep apparently fuels his ability to see beyond the horizon.

“Those are the best dreams,” Larsen said.

“Those are the best dreams,” Larsen said.

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