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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Almost like the Bay Area is structurally incentivized to balance its books (between retirement obligations that were never transparently budgeted for in the 1st place & capped, inheritable property tax assessments) on the backs of tenants & young people
https://www.eastbayexpress.com/oakland/oaklands-budget-battle-heats-up/Content?oid=26586639 …pic.twitter.com/4ux4gEoAXf
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Why did San Jose sell 10 acres of land to Google for a mega-campus? Because it's a mostly residential city and it loses money on land that contains housing and earns net tax revenue on land that contains office space. https://www.spur.org/sites/default/files/publications_pdfs/SPUR_Back_in_the_Black.pdf …pic.twitter.com/fPxfHBgCYQ
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Replying to @kimmaicutler
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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Replying to @JRBinSV @kimmaicutler
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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Replying to @JRBinSV
It's your prerogative and it makes sense as a labor organizer to pressure the company to philanthropically donate more, but I'm not aware of another industry where it's a legal obligation for a business to also build housing when they open an office in town.
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Replying to @kimmaicutler
Also, report doesn't call for philanthropy, it’s value capture and mitigation. Read the report, policy and deal points we’re recommending for Google’s dev agreement /w City make sense, City Policy reccs aligns /w what Google has prepared to do elsewhere, ideas from other cities.
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Replying to @JRBinSV @kimmaicutler
We’re not saying Google needs to build this all itself, just make a substantial investment towards these goals and support policy to address the rest.
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I lean toward commercial linkage fees but I would need to see whether they work. 25% IZ (later lowered to ~18%) basically killed SF’s pipeline over the last 2 years and so not much is really getting through except for office/hotels.
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