{"id":53235,"date":"2016-09-01T12:13:53","date_gmt":"2016-09-01T19:13:53","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/?p=53235"},"modified":"2020-10-05T16:22:45","modified_gmt":"2020-10-05T23:22:45","slug":"is-high-tech-strangling-palo-alto","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/is-high-tech-strangling-palo-alto\/","title":{"rendered":"Is High Tech Strangling Palo Alto?"},"content":{"rendered":"

The <\/span>New York Times<\/span><\/a> recently quoted the mayor of Palo Alto, Patrick Burt, as saying, \u201cBig tech companies are choking off the downtown [. . .] It\u2019s not healthy.\u201d <\/span><\/p>\n

In reaction to the perceived threat of unsustainable job creation from the hordes of tech giants taking over the city, Palo Alto<\/a> recently imposed strict zoning regulations setting a cap on office space growth of less than 1 percent a year. According to the Times, the mayor wants to be even more aggressive to shore up the influx of tech into Palo Alto\u2019s quaint downtown.<\/p>\n

As both a real estate brokerage and tech company that <\/span>advocates for building affordable and livable cities<\/span><\/a>, the mayor\u2019s proposal struck a chord with us. \u00a0<\/span><\/p>\n

While kneecapping the very industry that has created so much wealth and opportunity in Palo Alto may seem extreme, one must also ask what responsibility tech companies operating in Palo Alto are taking for the livability of their community.<\/p>\n

\u201cThe perks tech companies provide their employees — catered lunches, on-site recreation facilities, transportation and housing subsidies — can insulate their workers from the livability issues that other members of their community face,\u201d said Redfin chief economist Nela Richardson. \u201cPalo Alto\u2019s struggle to cope with exponential growth is an opportunity for local government and tech companies to collaborate on solving these problems for all<\/span> residents. Google\u2019s efforts to work with Mountain View officials to integrate their headquarters into the community by creating bike paths, new retail space and advocating for affordable housing developments is an excellent example of how cities and tech can sustainably grow together.\u201d<\/span><\/p>\n

With that said, economic and business fundamentals may help ease Palo Alto\u2019s woes. Because of low inventory and soaring home prices, many tech companies and the workers they employ are already beginning to move to more affordable locales such as Austin, Portland and Denver, according to a <\/span>recent<\/span><\/a> Redfin study.<\/span><\/p>\n

While the dam may have yet to break in Palo Alto, it could be a matter of time. It has one of the highest median home sale prices in Silicon Valley ($2.18 million as of July this year). According to the latest report from <\/span>CBRE<\/span><\/a>, the city also has the highest commercial lease rates in all of the San Francisco peninsula area.<\/span><\/p>\n

Without a dual effort on behalf of the city and the tech sector to use their vast wealth to rapidly create more<\/span> mixed-use and affordable housing developments<\/span><\/a>, Palo Alto risks losing the entrepreneurial spirit that makes it such a desirable place to work and live.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Local government and tech companies should join forces to create livable communities<\/p>\n","protected":false},"author":13253,"featured_media":53236,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[45],"tags":[68,19,102],"coauthors":[],"class_list":["post-53235","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-regional-trends","tag-local","tag-politics","tag-smart-home-tech"],"acf":[],"yoast_head":"\nIs High Tech Strangling Palo Alto? - Redfin Real Estate News<\/title>\n<meta name=\"description\" content=\"Palo Alto's mayor wants to limit tech startups in the city. 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