SB 827, introduced by California State Senator Scott Wiener, would require California cities to allow new multi-story apartments and condominiums to be built near public transportation.
The controversial bill has been met by strong criticism from existing homeowners and affordable housing advocates. On Tuesday, Los Angeles voted unanimously to oppose it. However, Silicon Valley executives have stepped up to voice their support for SB 827. Bloomberg’s Eric Newcomer reports:
A new guard of powerbroker chief executives has put their names and wealth behind the pro-growth movement that’s laying the groundwork for the bill, including Twitter Inc. Chief Executive Officer Jack Dorsey, Stripe Inc. co-founders Patrick and John Collison, Lyft Inc. CEO Logan Green, and Yelp Inc. CEO Jeremy Stoppelman. Facebook Inc. is getting on board, too.
The tech industry helped contribute to the affordability crisis by bringing in well-paid workers who can outbid long-time residents, Newcomer notes, but the sector is also frustrated by a housing shortage that makes it difficult to attract more workers.
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