Jon Mays

When Facebook announced it was moving to Menlo Park, I recall speaking to a member of the City Council who expressed a large amount of glee at the news. It was like winning the lottery, this public official said.

Of course, this was in 2011, when many of us were still feeling the effects of the Great Recession and any corporate interest and investment was looked at with fervent energy. Little did we know the tipping point was coming sooner than we thought as a number of different factors — one of which was more venture capital funding caused by low interest rates — created a surge of new technology businesses to the area and that its weight would cause harm as the cost of living rose to new heights. That story has been told, and we all are feeling it — the jobs/housing imbalance, the finger pointing over land use and traffic congestion, along with higher residential and commercial rents.

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(2) comments

Seasoned Observer

Hmm... wonder how Facebook would react if some level of government decided to limit how much they can charge for advertising?

TomT

Thank you SM Daily Journal. Spot On! It concerns me that high tech money is backing CLSEPA and other organizations who are pushing for rent control and other property rights. I suspect Mr. Zuckerberg may have been mislead into believing he was helping, by making the housing shortage worse with rent/eviction/relocation controls. High tech created our housing shortage with all those great high paying jobs. Hopefully, high tech folks like Mr. Zuckerberg will join forces with the YIMBYs who want to build housing near jobs. It doesn't tank algorithms to know you don't encourage more housing by punishing housing providers.

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