Some of San Francisco’s elected officials are worth millions in tech stocks – and that’s not even including their six-figure salaries.
The details about their financial holdings come from the state-mandated Form 700, which requires city employees to declare their economic interests each year. These assets can include stocks, real estate and gifts. Every San Francisco supervisor, as well as Mayor Daniel Lurie, is required to file the form by April 1, which covers their interests from 2025.
While the Form 700 provides one of the most publicly available glimpses into the leaders’ wealth, it has some glaring holes. Filers aren’t required to report bank balances and primary residences – exactly the kinds of assets that constitute most people’s wealth.
What’s more, while filers have to report individual stocks they hold, they’re not required to list investments held in mutual funds or ETFs (exchange traded funds), including those held in retirement accounts like a 401(k) or IRA. These are also among the most common types of investments people hold.
A final caveat: Filers also only provide a very general range of their assets and incomes. For example, a filer may say they own a stock worth somewhere between $100,001 and $1 million; the Form 700 doesn’t get more specific than that. Assets worth at least $1 million – which includes the vast majority of real estate in San Francisco – are also grouped together, further muddying the picture.
The Chronicle is reporting these ranges as they appear on the officials’ filings, so keep these caveats in mind. We’re also not including income from officials’ public positions, including supervisors’ $175,000 annual salary.
Here’s what we know:
Daniel Lurie
Lurie’s reported assets – more than $33 million at the high end of the range – largely sit in a blind trust to avoid potential conflicts of interest. He also receives some income from the businesses he owns through the trust, while his spouse Becca Prowda received between $10,001 and $100,000 from Caraway Home Inc., a seller of nontoxic cookware. Among Lurie’s most valuable assets are his investments in Levi Strauss and the 49ers, both of which are valued at more than $1 million.
While his wealth has been little affected by his mayorship, he has tapped into it to hire outside consultants to boost his image and that of the city.
Lurie reported just one $451 gift: meals, transportation and a jacket for the Big City Mayors Conference.
Connie Chan, District 1
Chan reported just one investment of between $2,000 and $10,000 in Apple. It was her sole investment in last year’s report, too. Chan said last year that the stock is owned by her partner.
Stephen Sherrill, District 2
The supervisor who reported the most investments also represents the city’s most affluent district. Sherrill reported at least $6 million in directly held investments, including sizable holdings of over $1 million in Alphabet, the parent company of Google, and in Amazon.
Some of his smaller investments include holdings between $10,001 and $100,000 in Best Day Brewing, a Sausalito-based purveyor of non alcoholic beers, and a Massachusetts brewery called Mighty Squirrel.
Also included in Sherrill’s disclosure was his wife’s salary of more than $100,000 from Christie’s, an art auction house.
Sherrill reported three meal-related gifts: a $250 breakfast from the San Francisco Labor Council, a $200 luncheon with the Union Square Alliance and a $100 lunch with the Nor Cal Carpenters Union.
Danny Sauter, District 3
Sauter reported five investments totaling between $116,000 and $1.1 million, including at least $100,000 in Bamboo, a marketing company he helped found in 2014. Other investments include more than $10,000 in ecommerce company Shopify and between $2,000 and $10,000 in Berkshire Hathaway.
He also owns an online job board that curates listings for nonprofit and social impact positions. It generated between $10,001 and $100,000 in income for Sauter last year, he said in the filing. He also reported his wife’s income of more than $100,000 from Via Transportation, where she works as a senior engineering manager, according to her LinkedIn profile.
Alan Wong, District 4
Wong, the Board’s newest member, reported no investments or gifts – just his salary of at least $100,000 from the Children’s Council of San Francisco where he served as senior director of public policy communication before he was appointed by Lurie in November.
Bilal Mahmood, District 5
It should come as little surprise that Mahmood, a former startup founder, is invested in a number of tech companies. His four investments came out to at least $1.1 million total, including stock in artificial intelligence companies. His largest investment, exceeding $1 million, is in software company Gamma Tech. He also reported owning between $100,001 and $1 million in Amplitude, a data analytics firm that acquired a company Mahmood founded.
Mahmood accepted tickets to three events last year, according to the filing: a gala hosted by the San Francisco General Hospital Foundation, a Lunar New Year concert at the San Francisco Symphony and a dinner at the Japanese consulate.
Matt Dorsey, District 6
Dorsey was the only supervisor who reported no economic interests: no real estate, investments or gifts. That meant his filing this year was even shorter than it was last year, when it consisted of just three gift reports.
Myrna Melgar, District 7
Melgar’s sole investment was several thousand dollars worth of Bitcoin, according to her filing, which she disclosed even though Form 700s don’t require officials to report cryptocurrency.
She also made tens of thousands of dollars off a short-term rental property in El Salvador, which her filing indicated was worth between $100,001 and $1 million. An AirBnB listing of the property shows a brightly decorated four-bedroom house that can sleep up to 10, with a pool and hammocks in a grassy yard. The property is listed at roughly $305 a night and is generally well reviewed by guests.
Melgar also owns a share of a commercial property in the Mission District valued at between $100,001 and $1 million. The supervisor said in an email that she received no income from the property last year.
Melgar’s husband made more than $100,000 from the law firm where he is a partner, according to the filing.
Rafael Mandelman, District 8
Mandelman reported an investment in Apple and Nvidia of between $10,001 and $100,000 each, as well as Berkshire Hathaway stock worth between $2,000 and $10,000. He owns a rental in the Mission that brought him between $10,001 and $100,000 last year, which his office said came from a roommate.
Mandelman, the president of the board, had the busiest social calendar of all his colleagues for the second year running, accepting tickets to nearly 20 parties, galas, awards ceremonies and luncheons. Several of the events were hosted by LGBTQ advocacy groups, including choir and gala tickets from the San Francisco Gay Men’s Chorus and a soiree at the San Francisco LGBT Center. Mandelman also received a $125 bottle of wine marking Lesbian Visibility Week from Franco Stevens, the founder of Curve Magazine.
In November, he also participated in a $6,500 trip to China funded by the Council of Cross Culture Services, a nonprofit that promotes “collaboration in education, healthcare, legal support, and social inclusion,” according to its website.
Jackie Fielder, District 9
Fielder had just one investment to report: shares valued at between $2,000 and $10,000 in an ETF focused on clean energy companies. Fielder was one of the few supervisors to disclose stocks held through an ETF, which rules don’t require to be disclosed.
She accepted tickets to three events: a fundraiser at a Mission District event venue, a breakfast hosted by the San Francisco Labor Council and a Native American Heritage Month gala.
Shamann Walton, District 10
Walton received income of between $2,000 and $30,000 from a mixture of event ticket and book sales, according to his San Francisco filing. He has received ongoing royalties from his book “From Juvenile Hall to City Hall: Your Resume Can Change.” It’s not clear which event the ticket revenue came from.
Chyanne Chen, District 11
Chen’s investments totaled somewhere between $18,000 and $140,000, with the largest being in exchange-traded fund TQQQ, which isn’t required to be reported. She also held stock in United Airlines and Delta Airlines, each valued at between $2,000 and $10,000.
Chen also indicated that she owned a Balboa Park home worth more than $1 million. She received between $1,001 and $10,000 in rental income from the property. Chen has previously said that her parents live at the home and that she’s “not making a profit” off the rental. Her office confirmed Chen still rents the property to her parents.
The San Francisco filing also indicates that Chen accepted five gifts (though the state filing lists three), including a $1,500 ticket to a San Francisco General Hospital Foundation gala, a $260 ticket to the Bay Area Host Committee’s Super Bowl kickoff event and a $59 ticket to the 30th birthday celebration of the late albino alligator Claude.
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This article originally published at How wealthy are Mayor Lurie and S.F. supervisors? Here’s what their finances show.