Daily Business Report: November 3, 2026
Pro-housing group says San Diego is breaking state law by delaying Pacific Beach tower
By Dorian Hargrove | Times of San Diego
A pro-housing advocacy group says San Diego officials are violating state housing laws by requiring special approval of a proposed 23-story mixed-use tower on Turquoise Street in Pacific Beach.
Developer Kalonymus first pitched “Project Vela” at 970 Turquoise St. in 2024. The developer proposed a 23-story tower offering 65 market-rate housing units, 10 low-income housing units, and 139 hotel units. The novel proposal would allow the developer to maximize the housing they could build by including the 139 hotel units, which would be filled through traditional long-term leases, not nightly or weekly hotel stays.
Pacific Beach residents quickly organized in opposition to the project, mostly because it exceeded the city’s 30-foot height limit on new coastal buildings.
San Diego Taps Reserves to Close $4.7 Million Budget Gap
by Mariana Martínez Barba | Voice of San Diego
San Diego continues to grapple with its structural budget deficit.
City officials tapped the city’s rainy-day fund to cover a $4.7 million deficit at the close of fiscal year 2026 while awaiting a reimbursement from the state’s office of emergency services, according to a report by the city of San Diego’s Department of Finance.
It was the first time in more than a decade that officials had drawn from its reserves.
by SDCCU
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Additional details can be found on sdccu.com/payback, and official rules are available at sdccu.com/sweepstakes.
