Hey there, San Francisco. 

Happy Wednesday. And, thanks for all the responses to yesterday’s “Where am I?” segment. There were a lot! 

As about half of you guessed correctly, I was indeed in the Mount Sutro Open Space Preserve on the Historic Trail, right above UCSF’s Parnassus campus. It’s an awesome place for an urban hike! We started at the trailhead near Stanyan and 17th. 

Congrats to SF Minute reader Abhaya, who correctly responded within two minutes of the newsletter being sent out. You all are getting too good at this! 

A gift card to Andytown Coffee is on its way. 

With that… onto the news… 

Quick bits: News to know 

💰 The board of supervisor’s budget committee and the mayor’s office reached an agreement early Tuesday morning over the city’s upcoming two-year budget, which totals roughly $14 billion annually. 

• Despite initial pushback, the committee, led by supervisor Hillary Ronen, largely kept Mayor Breed’s original budget proposal intact – including increased police funding and support for the community ambassador program run by Urban Alchemy. 

• The plan also includes $114 million for affordable housing site acquisition, new construction, and repairs in existing properties. 

• The full board will need to approve the budget, which they’re expected to do in July. (Chronicle / 48hills) 

🏘 Single-family zoning is no more in San Francisco, after city supervisors passed legislation on Tuesday that makes land set aside for single family homes eligible for duplexes, and in some cases, four or six unit buildings. 

• But even the supervisor who initially proposed the plan, Rafael Mandelman, is skeptical that the change will lead to significantly more housing in the city.

• “I share the frustration of those who feel that a measure that was already modest and incremental to begin with ended up even more so after working its way through the legislative process,” Mandelman said after the vote on Twitter. “But I believe today’s vote is nonetheless a move in the right direction for San Francisco.” 

• One piece that could hold the legislation back from its intended impact – an “anti-speculation clause,” which says a person (or that person’s family) must own a property for five years before it's eligible for a fourplex. (Chronicle / 48hills) 

🍺 Fort Point Beer Company has shut down its Lower Haight location after 2.5 years. 

• It’s last day was last Sunday. 

• Fort Point’s co-founder Justin Catalana told SFGATE: “We’ll be focused on making our primary retail locations, Valencia and Ferry Building, even better, and rebuilding our wholesale business as the city comes back to life.” (SFGATE) 

What else I’m reading: Links to browse

• Plaza East residents demand developers stop market-rate deal (Mission Local) 

• Pelosi receives Communion in Vatican amid abortion debate (AP) 

• Why some vendors who sell stolen goods on the streets don’t care about S.F.’s attempts to stop them (Chronicle) 

• Anchovies are reportedly raining from the sky across San Francisco (SFGATE) 

And finally… Wealth survey 

The Chronicle reported on Wednesday that Charles Schwab’s annual “wealth survey” is out and the results are, well… I’ll let you decide. 

Survey respondents say it would take a net worth of $5.1 million to feel wealthy in San Francisco. That’s the highest number for any major US city from the study, including New York. Apparently, they need just $3.4 million to be wealthy. 

To consider oneself “financially comfortable,” San Francisco respondents said they’d need a net worth of at least $1.7 million. That’s up from $1.3 million in 2021. 

That’s all for today! Thanks so much for reading y’all and I’ll see you back here tomorrow. 

- Nick B. 💸