Why America’s Once "Richest Town" Is Running Out of Money
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Get the 5-minute newsletter keeping 2M+ innovators in the loop: https://clickhubspot.com/6j2j Portola Valley, CA, was once the richest town in America. It’s still home to billionaires like Reid Hofman and CEO’s like John Donahoe, but the city is reportedly facing bankruptcy. According to reports from SFGATE and Mercury News, one of the city’s biggest expenses is 253 mandated low-income homes it must build as part of the Bay Area’s larger goal of building 441k affordable homes by 2031. It also risks forfeiting government funding if it doesn’t build them. The financial fallout has caused some residents to move. The number of homes listed for sale in October reached its highest point since the pandemic.