San Francisco State University President Lynn Mahoney said Tuesday she will step down as the campus battles a disastrous drop in enrollment under her tenure — losing a third of its students over seven years.

Mahoney said she will retire from the $520,000-per-year role next summer after eight years leading the struggling college and 18 working for the California State University system.

“Working with the best colleagues anywhere in service to our deeply engaged and talented student body has been a joy, but supporting my growing family, especially my beautiful granddaughters, calls,” she said in a statement.

She referenced the enrollment decline…

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