My concept of San Francisco flag is to embrace San Francisco's diversity. By combining gay pride flag with bisexual flag's color make the city's official flower dahlia. In the center of the dahlia has the leather pride flag. All these culture of LGBT makes San Francisco unique.
The gold box represents San Francisco's history of gold rush. Golden gate bridge symbol as the bridge for the diversity culture San Francisco has to offer.
for more info why San Francisco need a new flag:
http://www.wired.com/2015/06/inside-campaign-redesign-sfs-suck-tastic-flag/
http://www.wired.com/2015/06/inside-campaign-redesign-sfs-suck-tastic-flag/