In the grand, fog-swept theater of San Francisco’s political economy, the passage of Proposition C represented a seismic shift from the Macro—a high-altitude tax on corporate giants—to the Micro—the street-level acquisition of decaying hotels by powerful nonprofit entities. While framed as a humanitarian crusade, the reality in 2026 is a sophisticated financial maneuver. At the heart of this sits the Tenderloin Housing Clinic (THC), an organization that has mastered the Master Lease—a system where a nonprofit leases an entire building from a private landlord—turning social policy into a lucrative real estate backdoor. Continue reading →