Isn't Extortion Illegal?

Oakland’s City Planning Commission unanimously approved a 262-unit residential proposal after the developer agreed to around $1 million in community benefits. But some neighbors are unsatisfied and are vowing to appeal the project unless developer Wood Partners gives more.

Of course, this project replaces a parking lot no less. I love it when developers respond, no we pass…

http://www.bizjournals.com/sanfrancisco/blog/real-estate/2016/06/wood-partners-oakland-housing-approval-backlash.html

1 Like

Then people wonder why housing is so expensive. Do they think that $1m is from developer profits? It goes into the cost of each unit. It amazes me how dumb people can be when voting. They are stuck in a world of single variable algebra. That makes it impossible for them to see the 2nd, 3rd, 4th, etc level impact of the decision.

Unfortunately, we are talking about a predominantly rent paying population and quite frankly maybe there is a reason why they are paying rent for so long…

2 Likes

If there is gentrification in the area, then they may validly see it as those with more wealth helping to improve the area. They may not understand that it is not the developer’s wealth, but that of those who can afford the housing when they cannot.