Get the latest tech news

Developing Palo Alto is worth $1T

And every household that lives there now could have $30 million

They are able to organise, such that even though its dispersed benefits – infinitesimally better housing for everyone in the country – outweigh these concentrated costs, opponents of development are able to win and block building and keep zoning or planning rules strict. Although they are about the same size, as you must surely know, Lower Manhattan is incredibly densely built up, with an enormous supply of offices, hotels, restaurants, bars, artist studios, shops, and more. By contrast, Palo Alto sees very few visitors, and has ten times fewer people per square kilometre, because it is largely one-storey and two-storey suburban homes.

Get the Android app