The latest Budget and Legislative Analyst's report analyzing the potential costs and benefits of hosting the America's Cup regatta has finally hit dry land. But, crunching the numbers, the city's numerical mavens still predict the race would put San Francisco under water.
In mid-November, the Budget Analyst released a report based on the stipulations of a nonbinding “term agreement” approved by the Board of Supervisors. Between costs for hosting the event and revenue not realized by giving away land lease-free to Larry Ellison's “Event Authority” for development, the report predicted losses of up to $143 million in the long term.
Based on the current terms of the “Host City and Venue Agreement” — which provides more malleability in where to erect venue sites — the most recent report predicts losses of only $101 million.
Here's how that shakes out: