The Research

Following the money.

A documented look at where private money enters San Francisco's small business landscape, who funds the political vehicles shaping policy, and what the Controller's office, the Ethics Commission, and local journalism have found when they've looked closely.

Chapter One

The Donor Map

Private money rarely enters the small business world through the front door. It enters through funds, foundations, and political vehicles. Here is the map of them.

Donor-funded civic vehicles

Civic Funds & Donor Vehicles


A post-COVID network of privately funded entities now operates beside the public ecosystem, funding downtown recovery, public space activations, voter guides, and the news outlets covering them. The same donors recur across vehicles. Two charts below let you compare the six most active.

Side by side

The six vehicles at a glance.

Scroll horizontally on small screens. Each column is a vehicle. Each row is a fact.

Civic Joy FundCJF
SF Downtown Dev CorpDDC
Partnership for SFPartnership SF
Neighbors for a Better SFNFBSF
GrowSFGrowSF
The SF StandardSF Standard
Founded
May 2023
April 2025
November 2024
Operating pre-2022
2020
2021
Legal form
501(c)(3) under Civic Space Foundation
Private 501(c)(3)
Dues-paying member org
501(c)(3) + 501(c)(4) advocacy/PAC
501(c)(4) + PAC
For-profit news outlet
Budget / scale
~$2M at launch; hundreds of events since
$40M+ raised at launch
Membership dues (not publicly disclosed)
~$10M+/yr in political spending
Several million per election cycle
$10M founding investment; revenue model
What they fund
Downtown events, Chinatown Night Market, First Thursdays, murals, volunteer cleanups
Powell Street ambassadors, $25M Downtown Business Fund, security cameras, public space
Policy advisory only (no direct grants)
Boudin recall, supervisor races, ballot campaigns
Voter guides, candidate endorsements, independent expenditures
Newsroom covering SF politics & downtown recovery
Documented concern
Boycotted by some Bay Area artists over donor political activity; not yet filing public 990s
Operates under a special Ethics Commission waiver to permit official donation solicitation under Prop F
Unelected policy body with corporate-member interests
$53,916 SF Ethics Commission fine (Sept 2024) for unreported recall payments
Donor overlap with NFBSF complicates "moderate" framing
Same donor (Moritz) funds both the outlet and PAC activity it covers
The donor overlap

Who funds which vehicle.

A filled dot means this donor is publicly documented as a major funder of that vehicle. Sourced from published campaign finance records and reporting.

Donor
Civic Joy FundCJF
Downtown Dev CorpDDC
Partnership SFPartnership
Neighbors Better SFNFBSF
GrowSFGrowSF
SF StandardStandard
Chris LarsenRipple co-founder
Michael Moritzvia Crankstart Foundation
Bob FisherGap heir
Pritzker familyJoby Pritzker, John A. Pritzker
William OberndorfRepublican mega-donor
Garry TanY Combinator
Laurene Powell JobsEmerson Collective
Levi Strauss Foundationinstitutional funder

Each vehicle, in detail, with full origin and donor information, is documented in the cards below.

Chapter Two

The Watchdogs

When someone does look closely at the money, who are they, and what are they allowed to see? These are the offices built to check the work.

What this means for you

The same public records tools journalists use are open to you. You do not need standing or permission to ask a public body where its money went.

Who else is keeping records

Watchdogs & Accountability Resources


If you want to verify anything on this page or follow new developments, these are the journalism outlets, official audit bodies, and research orgs whose published work informs The Research section.

Research org · founded ~2024

The Phoenix Project

Independent research and advocacy specifically tracking the tech and real estate donor network funding GrowSF, Neighbors for a Better SF, the Downtown Development Corporation, and adjacent vehicles. Publishes reports and "Astroturf Maps" showing how these groups relate. Founded by Julie Pitta (former LA Times and Forbes investigative reporter).

Visitphoenixprojectnow.com →
Mission Local
Investigative journalism · reader-funded

Most-cited source on this page. Broke the Urban Ed Academy story, the $4.6M Dream Keeper audit, the NFBSF $54K ethics fine, the SF Sunset / Westside Forward organizing story.

missionlocal.org
SF Public Press
Nonprofit newsroom

Long-form investigative work on housing, public health, and economic development. Strong on the structural side of small business questions: city contracting, nonprofit accountability, displacement.

sfpublicpress.org
48 Hills
Independent newsroom · Tim Redmond

Reports cited on this page include "Inside SF's private surveillance state" (October 2025) on the donor-funded camera networks affecting commercial corridors.

48hills.org
Anti-Eviction Mapping Project
Research collective · data-driven

Maps displacement, evictions, and the tech-and-real-estate forces driving them. Relevant for commercial corridor stability: when residents are displaced, the businesses serving them lose their customer base.

antievictionmap.com
SF Board of Supervisors BLA
Official oversight body

The Budget and Legislative Analyst is the city's official internal watchdog. The 2022 Performance Audit of OEWD small business grants and the March 2025 conflicts-of-interest report are anchors of the Questionable Finances section.

sfbos.org/bla
SF Controller · Public Integrity Unit
Official oversight body

The Controller's office publishes Public Integrity Assessments. The March 2025 Urban Ed Academy / OEWD findings and the September 2025 $4.6M Dream Keeper / HRC audit are theirs.

sf.gov/controller

Most of this was always public. It just took someone to go and read it.

Corridor Reality Check

Some neighborhood organizations handle public and member money with almost no public transparency. Naming that is not an accusation. It is the starting point for fixing it.

Documented findings

Questionable Finances


Every item below is sourced to a Controller audit, Civil Grand Jury report, court filing, City Attorney action, or published investigative reporting. Where an organization has publicly responded, both sides are noted. Click any source name to read the original.