San Francisco is engaged in a redevelopment project that could bring millions in investment and community benefits to a starved neighborhood—and yet the project is embedded in an urban development process that is displacing residents. In trying to unsettle these contradictions, this paper achieves two aims. First, I unearth a little known history of redevelopment activism that frames debate around the current project. Second, I use this history to argue for a reframing of the language of race. To wit: although the social construction of race and racism is well established, race is still deeply understood in everyday life as natural. This paper offers a theoretical fusing of race and class, “race‐class”, to help us think race through a vital constructionist lens. Race‐class makes present the economic dynamics of racial formation, and foregrounds that race is a core process of urban political economy. Race‐class works both “top‐down” and “ground‐up.” While it is a vehicle for capital's exploitation of people and place, race‐class also emerges as a mode of power for racialized working‐class residents. © 2013 The Author. Antipode © 2013 Antipode Foundation Ltd.