Palo Alto Councilors Propose Law to Curb Billionaire Buy-ups Amid Uproar Over Zuckerberg Compound

Amid growing tensions over Mark Zuckerberg’s ever-expanding Palo Alto, California compound, the city council is considering changes to local policies that would curb the impact of massive land purchases such as Zuckerberg’s buyout of 11 Palo Alto homes, reportsGennady Sheyner in Palo Alto Weekly.

Neighbors spent years fighting the expansion of the compound, which included a private school that residents argued fell outside the area’s allowed uses. “Since the compound opened, families have left the 1400 block of Hamilton Avenue and security guards have arrived. Construction trucks and delivery vans have become fixtures on the block, where Zuckerberg purchased homes at a rapid clip. Some remained unoccupied for months, while others were repurposed for other uses, according to the neighbors.”

According to an article in The Cool Down by Kim LaCapria, Councilmember Greer Stone has proposed legislation applicable to people who buy three or more homes within a 500-foot radius “requiring them to submit extensive documentation showing that planned renovations won't hamper daily life by blocking roads or causing noise.” The law would also limit the number of renovations allowed, impose a three-year waiting period between projects, and ban leaving homes vacant for more than six months in a year.