Another Nancy Pelosi Investment Scandal: Former Speaker May Have Benefited from Huge Public Works Project
The top Democrat in the House of Representatives, Congresswoman Nancy Pelosi, looks like she may have used her office to enrich her donors and her own husband.
For years, Pelosi has been championing a light rail project in San Francisco's Mission Bay neighborhood. When cloud computing giant Salesforce sold a piece of land to the NBA's Golden State Warriors in April, they had Pelosi and the project to thank for helping to boost that area's real estate prices.
Oh, and not only is Salesforce run by Pelosi donor Marc Benioff but her husband, Paul Pelosi, is an investor in the company.
Lachlan Markay from the Washington Free Beacon has more:
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.
Real estate values in Mission Bay have skyrocketed over the past decade as the city works to transform the former industrial neighborhood.
[...] Contributing to that rise has been the expansion of the city’s Third Street Light Rail line. Studies on the financial effects of public transit projects, including one that looked specifically at the Third Street expansion, have found that they increase property values in surrounding areas.
Benioff gave $10,000 to Pelosi or to her leadership PAC so far in this election cycle. He has given another $15,000 to the Democratic Congressional Campaign Committee as well.
It's things like these make clear to the American people that you have to be well-connected in order to get results from Congress. Money talks, and everything else walks...