A Group of Tech Billionaires Want to Build a New City in Solano County
Sep 1, 2023
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Erin Griffith from The New York Times talks about tech billionaires wanting to build a new city from scratch in Solano County. They discuss the origins of the plan, the vision for a utopian city, motivations and challenges faced, and Flannery's plans for development.
Tech billionaires want to build a new city in Solano County to address California's housing crisis.
Local residents and politicians in Solano County have expressed skepticism and concerns about the billionaire-backed project.
Deep dives
The Birth of the Idea
The idea of building a new city in Solano County was first planted in 2017 by Michael Moritz, a venture capitalist at Sequoia Capital, who reached out to potential investors. He connected with Jan Shremak, a former Goldman Sachs trader turned startup founder, and they began pitching the idea of a utopian city with innovative approaches to governance and construction.
The Billionaires Behind Flannery Associates
The mystery of who was behind Flannery Associates, the company buying up land in Solano County, was finally revealed. It turns out that Flannery is backed by a group of powerful and wealthy Silicon Valley investors, including Michael Moritz, who was an early investor in companies like Google and PayPal, Reid Hoffman, co-founder of LinkedIn, and Mark Andreessen, an influential venture capitalist. These investors have a shared interest in taking big swings and applying outside-the-box thinking to solve California's housing crisis.
Skepticism and Challenges Ahead
The locals in Solano County have expressed skepticism and concerns about the billionaire-backed project. They worry about being priced out of their own communities and the potential impacts on resources like water and transportation. Local politicians also highlight the need for trust-building and addressing legal issues involving landowners. The Flannery Associates team will need to navigate the political landscape, embrace soft skills, and offer incentives like jobs and amenities to win over the hearts and minds of residents.
Some of the richest, most outspoken investors in the tech world are behind a company that has bought nearly 60,000 acres of mostly farmland in Solano County. They say they want to build a new city from scratch.
But who are they? And why do they want to do this? Erin Griffith with The New York Times explains.