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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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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California cities are screwed as long as they are not able to access the full value of the homes within them for property assessment purposes.
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