SAN FRANCISCO (AP) — Organizers of sailing's most prestigious event said Monday they are dramatically scaling back plans to renovate San Francisco's dilapidated waterfront. Mayor Ed Lee made the announcement during a news conference at San Francisco's Pier 80, where software mogul Larry Ellison is building his space-age catamaran to defend the America's Cup trophy he won in 2010 off the coast of Spain. Ellison picked the San Francisco Bay as the location of the 34th race for the America's Cup, scheduled for September 2013.