Has the author ever spoken to a resident of Palo Alto? This article is completely bizarre. Yes if a God himself came down to Earth and gave every Palo Alto hom

Has the author ever spoken to a resident of Palo Alto? This article is completely bizarre. Yes if a God himself came down to Earth and gave every Palo Alto homeowner 30 million dollars, sure they would be completely irrational to take it. But if you could guarantee me that over X years, I could double my money, by simply raising a fund to pay 10x over market for every homeowner, then why is this a substack article? Go out and do it. If you think through the logistics you would find, in our current regulatory framework, that Palo Alto homeowners are acting rationally. If you build a ton of midrise apartments in a suburb, the homeowner has to guess when to exit at the right time to sell their home. For every new apartment that goes up, the marginal cost of their home decreases. In other words that "30 million dollars" of value that is created isn't guaranteed to the marginal home owner. Some will get more, and a lot will get less.