Palo Alto City Council to Take Up Legislation to Clamp Down on Billionaire Compounds

"Spurred on by a New York Times investigative piece in August that looked into the eight years of constant construction and questionable legality of the multi-property compound owned by Meta founder Mark Zuckerberg and his wife Dr. Priscilla Chan, Palo Alto City Councilmember Greer Stone is introducing legislation Thursday aimed at improving the quality of life for the neighbors of the city's multiple billionaires."

"The proposed legislation would outlaw the buying of property in order to leave it empty, and it would seek detailed schedules for any construction projects lasting more than six months. The law would also prevent new construction from beginning less than three years after any major project was complete. The legislation is unusual in that will only apply to residents who have purchased three or more properties with 500 feet of each other essentially aimed at just these billionaire compounds."

Greer Stone, a Palo Alto city councilmember, is introducing legislation targeting multi-property compounds owned by ultra-wealthy residents. The proposal would prohibit purchasing property solely to leave it vacant, require detailed schedules for construction projects lasting more than six months, and bar new construction from starting less than three years after a major project completes. The law would apply only to owners who have purchased three or more properties within 500 feet of one another and would curtail use of unmarked private security vehicles. The measures aim to protect housing stock, improve neighbors’ quality of life, and potentially increase affordable housing availability.

Read at sfist.com