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The super short version is that for existing homeowners a big corporate campus benefits them, while housing doesn't. If Google builds a huge office park next d
by JimboOmega 9y ago
The super short version is that for existing homeowners a big corporate campus benefits them, while housing doesn't.
If Google builds a huge office park next door, their housing value shoots through the roof. Every residential unit that gets built means more supply, which reduces their value.
People are also fiercely defensive of the "character" of their residential neighborhood. They do not care nearly as much what happens to office towers.
For a lot of people in the peninsula, nearly all their net worth is in their suburban house - it's not something they could never hope to afford in today's market. It's terrifying to imagine anything happen to it.
FWIW, Google doesn't push for this sort of thing very hard. Corporate housing generally brings the specter of "Company Towns" and all that came with it, which makes it a tough sell all around.
- aaronblohowiak 9y agoI actually don't believe that high rises diminish the value of SFH, in fact the opposite. As they become more rare relative to other options, their value as a status symbol increases. I believe that younger lower paid people will live in higher density and there will be more higher paid management to oversee them, who will bid on low density places.