The good burghers of Palo Alto are entirely insane
They're willing to pay for value they created themselves Worstall @ the Weekend El Reg treated us last weekend to the tale of the Buena Vista Mobile Home Park in Palo Alto, where the owner has a small ethical dilemma to deal with. The 4.5 acre site is apparently worth $55 million and the city council would like to buy it, but they've only got $39 million. The dilemma is that if he sells to the city council, then the people who live in the mobile homes get to stay there in affordable housing and if he sells at market value, then they all get turfed out and the new development will presumably be populated by stock rich techie types."