Posts Tagged ‘Sean Randolph’

The “Bay Area Council Economic Institute” Denies Failure re: the America’s Cup – The BACEI Shouldn’t be Trusted

Tuesday, December 10th, 2013

A few notes here. The “thrilling comeback by Oracle Team USA” was tainted by the cheating scandals involving …Oracle Team USA, wasn’t it? The so-called “economic impact” is about 96% lower than the highest number initially given by … the BACEI. The 3,800 “jobs” referred to are in fact … merely job-years, so, in fact, all the “jobs” “created” are now gone and some of the “jobs” “created” paid less than minimum wage, and some of the workers still haven’t been paid as agreed, and lots of workers came up from SoCal since billionaire Larry Ellison was too cheap to pay Bay Area workers. The America’s Cup “captivated a worldwide audience?” No it did not. And of course the America’s Cup “produced tax revenue” but it also stole tax revenue from San Francisco and net result is a loss to the tune of millions of dollars.

I’ll note that there’s no apology for what everybody now knows was a flawed study from the BACEI in 2010. It’s all spin.

The 2010 report was a big pile of garbage. This after-the-fact press release is a smaller pile, but it’s still garbage.

OTOH, if you want to promote some event in the bay area and you need some wildly optimistic numbers in a report, the BACEI is the corrupt think tank for you.

All the deets:

HOSTING 34TH AMERICA’S CUP GENERATES $550 MILLION IN ECONOMIC ACTIVITY, CREATES MORE THAN 3,800 JOBS

SAN FRANCISCO, CA – The thrilling comeback by Oracle Team USA in the 34th America’s Cup capped an historic event that generated $550 million in economic activity, created more than 3,800 jobs and contributed almost $6.6 million in tax revenue to the City of San Francisco, according to the Bay Area Council Economic Institute.

These figures include a new cruise terminal whose construction was accelerated by the America’s Cup races in San Francisco. In the absence of a new cruise terminal, conservative estimates show that the America’s Cup generated $364 million in economic activity, created almost 2,900 jobs and contributed almost $5.7 million in tax revenue to San Francisco.

The figures also do not include economic activity created throughout the region, local and Bay Area visitor spending, or the benefits associated with gripping media coverage of the high-tech competition that captivated a worldwide audience and showcased the Bay Area as an international tourist destination.

“The $550 million in economic activity generated by the America’s Cup is substantial,” said Sean Randolph, President of the Bay Area Council Economic Institute. “The activity benefitted hundreds of small businesses and other employers in San Francisco and the Bay Area and produced tax revenue that supports a wide range of important city services.”

The economic benefits came from almost $280 million in overall spending by the various teams that competed, the hundreds of thousands of visitors that flocked to the waterfront to watch the most innovative and technologically advanced sailboats in the world and the many events that accompanied the races.

“Hosting the 34th America’s Cup in San Francisco showcased our beautiful City to the world and brought thousands of new jobs, long-overdue legacy waterfront improvements, international visitor spending, and a boost to our regional economy,” said San Francisco Mayor Ed Lee. “Our investment brought in significant revenue to the City and the lessons we learned will help us deliver even better world-class events in the Bay Area in the future.”

The bulk of the tax revenue — almost $3.7 million — came from hotel stays, while payroll-related taxes produced $2 million and tax revenue from parking and retail spending combined reached $2.1 million.

The largest segment of economic benefits — $126.7 million — stemmed from spectators who traveled to San Francisco to watch the competition’s sleek catamarans zip across the bay at speeds approaching 55 miles per hour.

A full Economic Impact Report will be issued before the end of the year.

# # #

About the Bay Area Council Economic Institute
The Bay Area Council Economic Institute is a partnership of business with labor, government, higher education and community leaders that works to support the economic vitality and competitiveness of California and the Bay Area. It produces authoritative analyses on key economic issues in the region and the state, and mobilizes leaders from diverse backgrounds around targeted policy initiatives. A sought-after source of economic perspective, its public-private governance and fact-based approach to economic analysis underpin the Institute’s forward-looking thought leadership (www.bayareaeconomy.org).

Rufus Jeffris | Vice President, Communications | BAYAREA COUNCIL
353 Sacramento Street, 10th Floor | San Francisco, CA 94111
O: 415-946-8725 | M: 415-606-2337 | rjeffris@bayareacouncil.org
www.bayareacouncil.org

OMG OMG! The Sainted Wall Street Journal is Covering the America’s Cup Already! Read and Learn from Sarah Tilton

Wednesday, April 25th, 2012

LEAVE US BEGIN, LET’S HEAR FROM THE WALL STREET JOURNAL ONLINE!

“SAN FRANCISCO—As this city gears up for the 34th America’s Cup next year, a race of a different kind has already begun: one to snag the best views of the sailing regatta.”

UH, REALLY? NO, I DON’T THINK SO. ISN’T THE “RACE OF A DIFFERENT KIND” INVOLVING THE AMERICA’S CUP ACTUALLY THE RACE FOR TEAMS, YOU KNOW, FROM SPAIN AND ITALY AND FRANCE, TO GET OUT OF COMMITMENTS TO PARTICIPATE IN THE AMERICA’S CUP? YES. TEAMS BE REFUSING TO ENTER EVEN AT THE HIGHLY REDUCED 80-SOMETHING PERCENT OFF ENTRY FEE. HAVEN’T YOU HEARD YET, SARAH? THE NEWFANGLED BOATS ARE TOO BIG. AND DO YOU KNOW WHO SAYS THAT? LARRY FUCKING ELLISON HISSELF, RECENTLY, IN THE ONLINE PAGES OF, WAIT FOR IT, THE WSJ ITSELF.* DON’T YOU READ YOUR OWN PUBLICATION? DON’T YOU KNOW THAT AC34 IS SHAPING UP TO BE A KIND OF SLOW-MOTION DISASTER?

Peter Jacobsen, a semiretired dentist from Yountville, Calif., isn’t taking any chances when it comes to ensuring a view of the America’s Cup racecourse on San Francisco Bay. Dr. Jacobsen and his wife, Gwendolyn, last year paid $158,000 for a fractional interest in a one-bedroom unit at a ritzy condo development right by San Francisco’s waterfront.

IRL, NOBODY CARES ABOUT RETIRED NORTH BAY DENTISTS ET UXESES EXCEPT NORTH BAY DENTISTS. AND WHAT’S A FRACTIONAL INTEREST IRL? ISN’T THAT JUST A TIME-SHARE?

The deal guarantees just 35 nights a year at the property—but importantly, a Bay-view unit for two weeks during the America’s Cup finals scheduled for September 2013.

FASCINATING! OH, BUT NOBODY CARES ABOUT THE AMERICA’S CUP, RIGHT? THEY JUST HAD A WARM-UP RACE DOWN IN FUN DIEGO – IT WAS A BIG DISASTER BECAUSE NOBODY CARED. AC PEOPLE GOT FIRED OVER THAT ONE. AND LAID-OFF TOO. MOST OF THEM, ACTUALLY. HAVEN’T YOU HEARD? OH, AND SARAH, “A BAY-VIEW UNIT” MEANS SOMETHING DIFFERENT IN THE 415, YOU KNOW, COMPARED WITH WHAT IT MEANS IN OTHER PARTS OF THE WORLD.

The Jacobsens shelled out the six-figure sum even though they already own another fractional interest at the property that they bought for $182,000 in 2009. But that unit doesn’t have a guaranteed view, and with the regatta approaching, “we needed more time and it was an opportunity to lock in the perfect view,” says Dr. Jacobsen, 67 years old.

YEAH, “YOU GOT TO LOCK THAT DOWN!” SO, OLD WHITE PEOPLE ARE GOING TO SIT IN THEIR APARTMENTS AND WATCH THE BOAT RACE FROM MILES AWAY? REALLY? IS THAT WORTH SPENDING YOUR KIDS’ INHERITANCES?

More than a year before the event, sailing fans are scouting out prime vistas for the America’s Cup. The chase for best perch has inspired a real-estate scramble, with some agents setting up shop specifically to locate rooms with a view for elite clients.

WELL, CERTAIN REAL ESTATE AGENTS WOULD LIKE US TO BELIEVE THAT THERE’S A “CHASE” AND A “SCRAMBLE.” THESE HOUSING PARASITES LIE TO REPORTERS LIKE YOU TO TRY TO MAKE MORE MONEY ON DEALS. DON’T YOU KNOW THAT?  AND YOU SAY REAL ESTATE AGENTS HAVE OPENED UP OFFICES JUST FOR THE AC? I DON’T BELIEVE THAT BUT WHATEVER. AND OH, RETIRED NORTH BAY DENTISTS ET UXES AREN’T “ELITE” ANYTHING.

Rental prices for the America’s Cup are already soaring.

OMG OMG OMG! ALREADY? ALMOST AS IF THE AC ISN’T A BIG DISASTER. ALREADY.

Landlords are dangling options such as a $60,000-a-month rent for a home in the posh Pacific Heights neighborhood during the race. Although results remain to be seen, agents say prices could go as high as $100,000 a week during the finals.

RESULTS REMAIN TO BE SEEN? REALLY? MORE THAN A YEAR OUT? WOW, THANKS FOR THAT TIDBIT, SARAH TILTON! WHAT DO YOU WITH YOUR LIFE WHEN YOU’RE NOT SHILLING FOR REAL ESTATE INTERESTS?

“It will be a real land-grab for the good stuff,” says Rick Teed of Sotheby’s International Realty.

RICK TEED? YOU MEAN THIS UBER-CHEESY ASSHOLE RECENTLY SEEN ON THE BACKS OF MUNI BUSES?

Click to expand

I THINK YOU DO!

The anticipated demand for a race view stems partly from the relative rarity of the America’s Cup taking place in America. The race hasn’t been held in the U.S. since 1995, and in recent years has taken place off the coast of New Zealand and Spain. (The race was named by the New York Yacht Club after the schooner America, which beat the British in a race in 1851.)

WOW THANKS FOR THE HISTORY LESSON, SARAH. BUT MOST OF THAT HERITAGE RECENTLY GOT FLUSHED DOWN THE TOILET BY ONE LARRY ELLISON. HEY SARAH, WHY DON’T YOU READ THE COMMENTS PEOPLE HAVE POSTED ‘NEATH YOUR ROSY ARTICLE? WHY DO THEY HAVE A MORE REALISTIC PERSPECTIVE THAN YOU?

The Cup has never been held in San Francisco Bay, which race officials describe as a “natural amphitheater”—as opposed to the open ocean where the regatta usually takes place. That means some prime views of the event can be had from land this time rather than from the decks of spectator boats.

BUT, NOBODY CARES ABOUT THE AMERICA’S CUP ANYMORE. SEE? THAT’S THE PROBLEM.

The race is coming to San Francisco through the efforts of Oracle Corp. ORCL +0.24% founder and chief executive Larry Ellison, whose yacht and sailing team won the 2010 America’s Cup in Valencia, Spain. The winner of the race, which is typically held every three to four years, decides where the next competition will take place. The billionaire also owns a home in San Francisco with first-class views of the Bay.

BUT, NOBODY CARES ABOUT THE AMERICA’S CUP ANYMORE. SEE? THAT’S THE PROBLEM.

But Mr. Ellison may have an even better seat than that for the regatta. An America’s Cup spokeswoman says Mr. Ellison will be on board Oracle Racing’s boat during the races. Through a representative, Mr. Ellison, 67, declined to comment.

BUT, NOBODY CARES ABOUT THE AMERICA’S CUP ANYMORE. SEE? THAT’S THE PROBLEM.

The Cup itself, a sterling silver trophy that gets its own seat on airplanes, comes in a custom Louis Vuitton case and always travels with a companion, the Cup spokeswoman says. It is kept in a secret location when not on tour, she says, but will be displayed during the race in San Francisco.

BUT, NOBODY CARES ABOUT THE AMERICA’S CUP ANYMORE. SEE? THAT’S THE PROBLEM.

The heady rental numbers are spurring some homeowners to try renting their home for the first time. Marjorie and Larry Schlenoff listed their 3,162-square-foot four-bedroom San Francisco home, which they have lived in since 1999, for $35,000 a month for a long-term lease encompassing the Cup period. For shorter stays around the time of the Cup, the price is higher: $15,000 a week, says Mrs. Schlenoff.

MORE DETAILS! WE DEMAND MORE DETAILS. IS SHE GOING TO SAY, “ASK ME ABOUT MY GRANDCHILDREN” NEXT?

“We’ve never rented our house,” says Mrs. Schlenoff, a psychoanalyst and nonprofit founder. But with the home’s vistas and location near San Francisco’s Golden Gate Yacht Club, she says she and her husband see the regatta as a unique opportunity and the house as a “business asset.”

HOLD ON, I’M GETTING SO EXCITED FROM THIS NEWS NUGGET THAT I’M HAVING A MILD HEART ATTACK. HOLD ON WHILE I GO TO THE ER.

She listed her home through rental agency ReLISTO, which has multiple homes available for the Cup, including a $3,500-a-month studio with no views to $60,000 a month for a 5,000-square-foot Pacific Heights house with panoramic Bay views.

WHEW, THAT WAS A CLOSE ONE. I’M MEDICATED NOW AND MY DOCTOR SAYS THAT I SHOULD STOP READING THE FUCKING ONLINE WSJ BECAUSE I GET TOO EXCITED. BUT I GOTS TO HAVE MORE DETAILS!

Charlie Martin, a real-estate agent in Sausalito, Calif., launched a group called RezLux in February specializing in Cup rentals. In addition to real-estate needs, he says he will also provide personal chefs and concierge services for the race. So far, he has handled calls from potential clients in England, Japan and New Zealand. “We’re starting to book,” he says.

OMG, MORE WHITE PEOPLE! THE AMERICAS CUP IS FILLED TO THE BRIM WITH WHITE PEOPLE! HURRAY! HURRAY FOR WHITE PEOPLE!

Some homeowners say there is no way they will rent their home during the Cup because they want the panoramas for themselves. Venture capitalist and America’s Cup Organizing Committee member Tom Perkins, who owns a 60th-floor penthouse in San Francisco, will be watching the Cup from there.

HE’S WHITE TOO, RIGHT? WHITE PEOPLE, WHITE PEOPLE, WHITE PEOPLE, WHITE PEOPLE! BUT AT LEAST HE’S NOT OLD, RIGHT?

“It’ll be just about the best place to watch,” says Mr. Perkins, 80, adding that he plans to have “lots and lots of people over.” Mr. Perkins, who once owned one of the world’s most expensive yachts, dubbed the Maltese Falcon, says he has several pairs of binoculars and a World War II telescope ready for the festivities.

OH, HE IS OLD AFTER ALL. ACTUALLY OLDER THAN HIS “World War II telescope,” WHATEVER THE HELL THAT IS.

Others are plotting a cheaper course to view the regatta. Sean Randolph, president of the Bay Area Council Economic Institute, says he plans to watch the Cup from a kayak in a buffer zone that will be created on San Francisco Bay for nonmotorized boats. While Mr. Randolph’s home in Marin County, north of San Francisco, has a view of the Bay, it doesn’t overlook the Cup’s racecourse, and he doesn’t want to shell out thousands of dollars to rent a property.

OH, DUDE’S FROM THE BAY AREA COUNCIL ECONOMIC INSTITUTE? THAT’S THE SO-CALLED “INDEPENDENT AUTHORITY” WHAT SAID HOW GREAT THE AMERICA’S CUP WAS GOING TO BE. BUT THAT TURNED OUT TO BE A LIE, RIGHT? BUT THAT’S NO REASON TO QUESTION THE ENTIRE PROCESS, IS IT, SARAH?

“In a kayak, you’re sort of participating because you’re on the water and you’re a little closer” to the action than on land, he says.

YES, BEING IN A KAYAK IS SORT OF LIKE PARTICIPATING IN THE AMERICA’S CUP. OF COURSE. SORT OF.

For John Kostecki, a sailor on the Oracle sailing team, the best views of the race are free. In particular, he recommends a stretch of waterfront near the Marina Green, where spectators can get close enough to hear sailors’ conversations. “It’s quite deep and the boats can come quite close,” he says.

OH, ARE WE DONE? IS THAT IT? WE SORT OF TRAILED OFF THERE. WELL, ANYWAY, LET’S PUT THIS ON PAGE A1.

I DON’T KNOW, MAN. IF THE AMERICA’S CUP IS MAKING SO MUCH MONEY FOR SO MANY PEOPLE, WHY ARE THE CITIZENS OF SAN FRANCISCO BEING FORCED TO SUBSIDIZE IT? WHY ARE THE POWERS THAT BE TAKING MONEY FROM NON-MILLIONAIRE NON-WHITE PEOPLE AND USING IT TO PAY FOR THE “FUN” AND “EXCITEMENT” OF MILLIONAIRE WHITE PEOPLE? THE CROWD AND REVENUE ESTIMATES ARE STILL WAY, WAY, WAY OPTIMISTIC AND THEY’RE BASED ON HAVING A BUNCH OF TEAMS SPENDING A BUNCH OF MONEY IN TOWN ONE TO TWO YEARS OUT. IN ACTUALITY, THE BOATS ARE WAY TOO BIG FOR THE BAY AND WAY TOO BIG FOR POTENTIAL TEAMS.

THIS THING IS GOING TO END UP BEING LIKE A FLEET WEEK, EXCEPT THE US NAVY DOESN’T THINK IT’S REASONABLE TO DEMAND NINE-FIGURES TO PROMOTE ITSELF.

BUT IT’S NOT TOO LATE FOR DEADBEAT LARRY ELLISON TO STEP UP AND SIMPLY PAY US FOR THE RIGHT TO RUN HIS BOAT RACE HERE.

IT’S NOT TOO LATE, LARRY! AND THEN YOU CAN TURN YOUR BUMMER OF A RACE INTO AN ACTUAL REBUILDING YEAR AND THEN YOU CAN LOOK FORWARD TO 2016 AND, THEREBY, HAVE SOME MORE FUN BEFORE YOU DIE (OF THAT DISEASE WHAT YOU HAVE WHAT’S A SECRET). OTHERWISE, THE ONLY PEOPLE WHO’LL BENEFIT FROM YOUR FALSE GENEROSITY WILL BE REAL ESTATE TYPES AND LAZY, SIMPLE-MINDED, CHEERLEADING, WSJ-ONLINE REPORTER TYPES…

*“I think it’s a really good idea to get the cost of fielding a team way down so you can have a lot more countries [and athletes] participating,” Ellison said.