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Home Other News Politics

Silicon Valley billionaires postpone plans for new California city

Jessica Garrison, Hannah Wiley by Jessica Garrison, Hannah Wiley
July 22, 2024
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Silicon Valley billionaires postpone plans for new California city
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The decision to pull the ballot measure for a proposed new city northeast of San Francisco Bay, backed by tech billionaires, and fund a full environmental review represents a significant shift in the project’s trajectory. Initially slated for the November ballot, the group behind the development, California Forever, has opted to follow the county zoning process and prioritize an environmental impact review. This move comes after opposition from local officials and feedback from Solano County residents indicating a desire for a thorough review process.

California Forever, led by former Goldman Sachs trader Jan Sramek, acknowledges that rushing to the ballot without addressing environmental concerns was a misstep. The group’s commitment to providing more affordable housing and jobs remains intact, but they now plan to work with the county on an environmental review and development agreement over the next two years. The revised timeline sets the stage for a voter-approved project in 2026.

The proposal for the new city, conceived as a model community with walkable neighborhoods, clean energy, and socio-economic integration, has sparked both excitement and controversy. The secretive land acquisitions leading up to the project’s reveal stirred speculation and skepticism, but the vision of transforming farmland into a vibrant city has gained traction.

The decision to withdraw the measure before the Board of Supervisors’ vote reflects a willingness to listen to feedback and engage in a more collaborative process. California Forever faces the challenge of demonstrating the viability of their ambitious project, including addressing infrastructure needs and financial considerations without burdening taxpayers.

As Solano County navigates this new chapter in the city-building saga, it remains to be seen how the tech magnates’ dream will materialize. Despite the obstacles and uncertainties, the potential for transformative change in the region fuels hope for a brighter future.

Stay updated with the latest news articles like this on DeFi Daily News for more insights and trends in the world of technology and development.



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