Congrats guys. No new housing is gonna get built until after the next recession.https://twitter.com/SocketSite/status/1004511892461613056 …
Partner at @initialized. Previously @techcrunch. When life hands me lemons, I make tarte au citron.
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Kim-Mai Cutler Retweeted SocketSite
Congrats guys. No new housing is gonna get built until after the next recession.https://twitter.com/SocketSite/status/1004511892461613056 …
Kim-Mai Cutler added,
Maybe time to for tech companies to pause trying to squeeze every possible human into their SV castles?
I don't think you get how the cities are complicit in this. All of the Bay Area cities keep approving *just* office space but not sufficient housing bc they want the tax revenue but don't want to have to pay for residents.
I get that perfectly, thx. Yes, they should stop approving tech expansion plans, absolutely. You can approve 10,000 homes, but if let Facebook build space for 10,000 employees, you're still making zero progress on housing issues.
You can approve 1 million new housing units, but then Google will just keep hiring in SV. You can turn SV into Manhattan, but housing prices will still suck. These cities need to rethink economic development in a way that is not driven by the endless lust for growth.
much of New York City is significantly cheaper than the peninsula/South Bay bc they keep building in line with population and economic growth. If you have lack of growth, there is no way to pay for the city/state's long-term liabilities which are already cannibalizing services.
if property owners on the peninsula/South Bay actually paid a sufficient amount of property tax, such that their governments didn't have to rely on tech to pay for infrastructure/services, I would be like OK, you can be left alone. But that's not actually what happens.
Palo Alto, one of the richest suburbs in America, is facing a $1 billion unfunded pension liability. https://www.paloaltoonline.com/news/2017/10/13/behind-the-headlines-transcript-palo-altos-pension-problem …https://www.paloaltoonline.com/news/2018/05/18/alarmed-by-pension-costs-city-seeks-to-slash-4m …
As for unfunded pensions, well , taxpayers were suckered on that long ago. Nothing to do now but pay what was agreed.
But that is partially what is driving the "attract tech companies but build no housing" behavior. If people want to honor what they promised, they have to *grow*. That's the lust for growth.
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