Editor,
Every investor knows the importance of diversity. Putting all your eggs in one basket is very risky and the biotech sector is one of the riskiest to invest in. It generally does not do well when money is tight and for every company that hits a home run, there are dozens that strike out.
With this in mind, I have to wonder why every city along the Peninsula is going all in on biotech. Every day it seems like a new campus is being approved, often replacing established businesses. Time will tell if these bets pay off, but I would prefer to see a variety of businesses that utilize our local talent and produce products we use here.
Tim Donnelly
Burlingame
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(2) comments
Good morning, Tim
Looks like there is a serious case of FOMO in city halls up and down the Peninsula. There are plans in Redwood City for a 650,000 square foot life science project and a second 200,000 square foot project across the street from the Oracle towers. Another developer plans to raze a one million square foot tech campus and replace it with a 3.3 million square foot life science project just 3/4's of mile from Oracle. The developer for the larger project wants to build between residential neighborhoods and the Belmont Slough. What could go wrong with a huge construction project situated over toxins buried in an unlined land fill?
Hi Tim, thanks for raising the question so I can answer. The simple reason is profitability. The pandemic has created the working from home lifestyle, except for the biotech lab sector. All developers are now jumping into building or converting offices into biotech lab to keep a low vacancy rate. We need to stop this trend and set a precedent that we, the residents, can stop a destructive growth by big developers in our neighborhoods.
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