Geofag here with experience in the SF Bay Area. I concur with the private pilot anon. I was scouring aerial photos last night for the industrial buildings in the photo, but gave up and went to bed.
The narrowness of the development between the mud flats and the mountains made me think of an approach as far north as the Redwood City region (with the plane headed south).
Earlier, other anon also suspected Fremont (with the plane headed north), which is also an interesting possibility.
Anon indicated that there was a date of 1999 in the metadata on the photo. IF we think that's the date, we need to keep in mind 20 years of development between current photography and the plane photo.
Since this isn't resolved, I'll get back to looking at aerial photography.