In what sense does it not match? The emotional content of my reaction is anger at the obscene hording of space by a privileged minority who benefit from the productive behavior of their neighbors and contribute nothing in return. The average home price in Atherton is $8.1M. There are 7,000 people there, benefitting enormously from the wealth generated by tech. But they won't build more homes. And they will sue to stop the Caltrain from being electrified because they don't think converting a diesel train to electric is "environmentally safe." I lived nearby Atherton for some time, and it made my life, and the lives of my friends and family worse. I think it's a selfish municipality and I don't respect its ethic.
In order for the market to price the average home to be worth $8.1m instead of $1m, a whole lot of people are willing to pay a whole lot of cash to be there. Which goes against the core thesis of your earlier statement.
A friend of mine rented a room from a owner in Atherton, and a few doors down was Marc Andreesen and next door was a Saudi prince. I don’t think either of them were ‘benefitting from proximity to tech’ in a passive way and getting rich off it. They were already rich and were looking for a nice house in the area.
That it sucks to not be able to do it, yourself, obviously. Personally I found it kinda interesting and wasn’t bothered, but I’m not a jealous person. I’m not sure I’d want to deal with the risks of being that high profile frankly.
Plenty of jobs and economic activity from the people living there though, and while they are taking up more space than most, near as I can tell they’re paying more than most in on everything from taxes to generated economic activity too.
And it’s not like they’re displacing artists from the Tenderloin while doing it either.
If someone gets a billion dollars from something, they’ll spend at least some of it on stuff. A nice, quiet house in a nice area (albeit too oversized
for me to want to manage or deal with staffing) wasn’t the weirdest or most wasteful thing i’ve seen.
It's amazing to me that you go from "Marc Andreesen lives there" to "it's not like Atherton's residents are financially benefitting from their proximity to the tech industry." Very, very dumb.
I didn't add the qualifier "passively." You did. I think it's great if people are contributing to the region's wealth via their work, but it doesn't affect my argument. The fact is that the locality of Atherton is full of people whose home values are high because of their homes' proximity of the tech industry (this includes Marc Andreesen), and they're not willing to liberalize their zoning ordinances because, as a housing cartel, town landowners benefit from restricted supply. You were acting like the reason there's high demand for housing in Atherton is that it has low density, but what distinguishes Atherton from a random, low-cost town like Muskeegon, Michigan is its location smack-dab in the center of Silicon Valley. You could replace all the mansions in Atherton with high-density condos and they'd get snapped up by tech workers in a short period of time. You'd end up with way more property taxes paid to the state, way more people housed, way more economic growth for the region, and way less pollution as people lived closer to their place of work. Not to mention, the locality wouldn't be suing the caltrain to prevent electrification, because its residents would actually depend on public transport.
What? Where are you getting this? I have no problem with rich people. My problem is with cartels of homeowners passing laws making it illegal for individuals to build higher-density housing on the land that they own. The city of Atherton is a legal entity granted certain limited legislative purview by the California constitution, and it uses that purview to impede the economic flourishing of the state of California. The California consistution gives the state every right to overrule Atherton's dumb zoning rules, and the state legislature should do so.
