Supervisors forward Treasure Island redevelopment package after lengthy debate over financing, housing and local-hire commitments

Chair Carmen Chu and the Budget and Finance Subcommittee heard a multi‑hour presentation and public-comment period on the Treasure Island/Yerba Buena Island redevelopment package before forwarding the files to the full Board without a committee recommendation.

Rich Hillis of the Office of Economic and Workforce Development told the committee the project envisions about 8,000 residential units, up to 500 hotel rooms and about 550,000 square feet of retail and commercial space built in phases over 15–20 years. Hillis said public benefits include large amounts of open space (about 300 acres), new infrastructure and geotechnical work (estimated $170 million), affordable housing, a local jobs program and transit investments including a ferry terminal and a developer subsidy to support ongoing service.

Curt Fuchs of the Controller’s Office presented the economic analysis using the REMI model, describing construction‑period and long‑run impacts: an average of roughly 1,100 annual construction‑period jobs (about 750 direct construction jobs), an estimated $3.2 billion of construction‑period economic output, and about 2,200 ongoing direct jobs at full build‑out (with average wages near $60,000) that…