Nancy Pelosi 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 sell 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.
Pelosi’s tireless advocacy for federal support for San Francisco’s light rail system has come under scrutiny for potentially enriching another liberal billionaire, hedge fund manager Tom Steyer.
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.