Facebook is asking Menlo Park if it can grow its local employee headcount from 15,000 people to 35,000. Head. Desk. Desk. Head.https://twitter.com/alasoff/status/969351083335168000 …
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So this is a one-time gain for those selling year-downs at $900/SF and a paper gain my deplorable neighbors who consider themselves genius market timers. What happens once that’s unwound? CA prop taxes are weird but don’t these newly-high-value homes have high taxes post-sale?
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Yes, newer and younger buyers basically foot the bill for services while older homeowners, who have a fraction of the tax rates, complain that all new construction is “luxury” and wonder why people who show up now aren’t “middle-class” like they were.
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