The photo comes from the California Coastal Records Project -- an amazing online resource created by Kenneth & Gabrielle Adelman. Not only have the documented the whole length of California's coast, but they also provide comparison photos from the 1970s. It's a fascinating way to compare the changes to our coast over the years, both natural and man-made.
In this particular image, we can see the Edison steam plant, some remaining oil tank farms, the green areas of Edison Park and Edison High School, the old Spanish-style buildings on Huntington State Beach, and a few open fields yet to be turned into tract housing.
Note the wide undeveloped strip on the inland side of the highway. That strip was carved out during the 1950s, when there was a plan to develop it into a coastal freeway. The plan was eventually aborted, and much of that land is still vacant through southeast Huntington Beach.
I have a small collection of other vintage photos of Southeast Huntington Beach posted on this website.