This is going to be an economic boon for the city of San Francisco, with more jobs, infrastructure development, and renovations. We here at GB And Associates are already seeing some of the impact as people working on the America's Cup projects and teams are already starting to look for places to purchase. There will also definitely be more people looking to rent the closer we get to the time of the America's Cup.
To get more information on some of the proposed plans see Socket Site which has a good summary. Also there is a good article on Team Ellison's Seawall Lot 330 here on SF Curbed and their condo development plans.