Palo Alto Confronts Billionaires Over Their Housing Compounds
The New York Times••business
Key Points:
- Palo Alto, known as Silicon Valley's birthplace, has seen an influx of billionaires who have changed the town's residential landscape by buying multiple homes and using them as offices or leaving them empty.
- This shift has led to increased neighborhood disruption, including constant construction and security measures that limit public access.
- Councilman Greer Stone plans to introduce legislation aimed at restricting how the wealthiest homeowners use their properties to reduce neighborhood chaos.
- The proposed measures also seek to address the wealth disparity contributing to the displacement of middle-class residents in Palo Alto.
