The area was a lot better than I thought it would be, honestly. It's tough to tell with just a few drive-throughs, but the neighborhood along the top of the cliffs seems solidly blue collar, yet with a slight gentrification.
The neighborhood at the bottom along the river seems to have a lot of recent mixed-use development, with many "upscale" chain establishments moving in. (PF Chang, Starbucks, Whole Foods, etc.)
There's still a bunch of development gong on, so the area is a bit hectic right now, but that might all be hidden by F1 barriers and fencing. The comparisons to Monaco are laughable, but remember, there have been F1 races in the US run in casino parking lots.
Still, there are a lot of road surface issues to deal with: speed bumps, depressed manhole covers and frost heaves in particular need to be dealt with before F1 cars can run the circuit.