Interesting that the estimated $235M in increased rents to tenants from bringing in 20K tech workers to San Jose is almost as much as the $339M/yr the city spends on unfunded pension liabilities for former employees who no longer work there. https://sanjosespotlight.com/san-jose-pension-plans-unfunded-liability-expected-to-soar/ …https://twitter.com/wpusanews/status/1138861019307040770 …
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And because it is spending a quarter of its general fund every year on retirement obligations for people who no longer work there that weren't adequately covered by pension investment returns. http://www.sanjoseca.gov/DocumentCenter/View/82758 …pic.twitter.com/FwtiRySpw3
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The city's financial situation is still precarious enough that it still isn't even at staffing levels from almost 20 years ago because they had to lay off so many workers in the last recession. https://www.sanjoseca.gov/DocumentCenter/View/8461 …
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So invariably, it sells land to Google to stabilize the city’s long-term financial situation even as everyone knows a large downtown Google campus will boost real estate values (and by proxy, damage housing affordability for tenants and future buyers.)
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Oh and did I mention that San Jose voters themselves dropped the ball on passing a $450M affordable housing bond last year? (Affordable housing is always great, as long as someone else pays for it and it’s not near me, naturally!)https://sanjosespotlight.com/san-jose-mayor-eyes-second-chance-for-affordable-housing-measure/ …
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To be fair, as
@beyondchron points out, this is because the voter threshold is impossibly high at 2/3s rather than simple majority because of Prop. 218/13.Show this thread
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Well except SJ families will pay $127M/yr more in rent if Google builds insufficient housing, City estimates $25M added tax revenue from office (even less net tax, minus services Google uses, like $8M.) It doesn’t add up unless Google invests in housing and prevents displacement.
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If a $750B corporation offers a city $8M surplus rev annually in exchange for mostly lower income people in town paying $127M/yr more, in what economic reality does that seem like good policy much less just? Thankfully it’s avoidable if Google invests in fighting displacement.
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Glad Google is moving in. Vast numbers of Google employees already are in SJ and commute to Mountain View and Sunnyvale. SJ is the only major city that has a lower daytime population than nighttime, it's time SJ get the business tax revenue of ppl already living here.
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