New condo in downtown Palo Alto rents for $32K -- per month

How that comes about? From the comments:

This is basically required by the zoning code. There’s a square footage bonus for including residential in a four-story building… but it’s based on number of square feet, not number of units. Since every new unit requires multiple parking spaces at $60k a pop, it’s easier for the builder to just make one super-luxury penthouse instead of digging underground for extra parking spaces or paying the in lieu fees.