"Two council members, Greer Stone and Keith Rechdahl, have proposed regulations to stop assembling groups of neighboring homes to form a compound, as Zuckerberg has done. Neighbors have complained about construction noise, unmarked security vehicles and a loss of parking. Billionaires have done this previously in Palo Alto, such as when Google co-founder Larry Page bought up the properties of his neighbors on Bryant Street in the Old Palo Alto neighborhood."
"Thiel is considering reducing his ties to the state, and has explored opening an office for his personal investment firm, Thiel Capital, in another state, the Times said. Palmer Luckey, cofounder of defense tech startup Anduril and a Newport Beach resident, has said that such a tax on billionaires would force "founders like me to sell huge chunks of our companies to pay for fraud, waste, and political favors for the organizations pushing this ballot initiative.""
A ballot measure would impose a one-time 5% fee on assets of individuals worth more than $1 billion. The fee would apply to stocks, real estate, artwork, and intellectual property rights. The Service Employees International Union-United Healthcare Workers West is backing the proposal and is collecting 875,000 signatures to qualify for the ballot. The proposal has prompted discussions of relocation and restructuring by wealthy residents, including formation of entities in other states. Some tech figures are exploring reduced ties to California or new offices elsewhere. Local concerns in Palo Alto include compound-like property assemblages, construction disturbances, security vehicles, parking loss, and groundwater runoff complaints.
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