Billionaire VC Marc Andreessen roasted for opposing new hous…

Silicon Valley billionaire Marc Andreessen is understood for his profitable project capital bets on tech firms like Facebook, Skype, Lyft, Pinterest, Airbnb, and Slack. One of his newest positions, alternatively, is inflicting considerably extra controversy.

In June, the Andreessen Horowitz co-founder and his spouse, philanthropist Laura Arrillaga-Andreessen, wrote to native officers within the tony San Francisco suburb, America’s costliest zip code, to oppose a zoning trade that might permit for multi-family homes in some places and construct about 130 gadgets of housing through 2031.

“I’m penning this letter to keep in touch our IMMENSE objection to the introduction of multifamily overlay zones in Atherton,” the pair wrote, in line with a public remark exposed through The Atlantic. “Please IMMEDIATELY REMOVE all multifamily overlay zoning tasks from the Housing Element which might be submitted to the state in July. They will MASSIVELY lower our house values, the standard of lifetime of ourselves and our neighbors and IMMENSELY build up the noise air pollution and site visitors.”

The housing proposal used to be in the long run defeated.

The obvious NIMBY stance is at odds with Mr Andreessen’s public feedback. He known as for extra housing development within the Bay Area in an influential 2020 essay known as “It’s Time to Build.”

In the piece, he hammered “crazily skyrocketing housing costs in puts like San Francisco, making it just about unattainable for normal other people to transport in and take the roles of the long run.”

He argued that “regulatory seize,” this is opposition to new construction by means of professional channels, used to be preserving San Francisco and different locales from construction “the American town of the long run.”

“We will have to have gleaming skyscrapers and impressive dwelling environments in all our highest towns at ranges means past what we now have now; the place are they?” he endured.

This April, he when compared prime rents in New York to racially discriminatory restrictive covenants, a subject he discovered the entire extra obtrusive in a town which her derided as “flooring 0 of purported worry about inequality and privilege.”

Critics have been fast to dinner party at the irony, calling out the project capitalist as hopelessly out of contact.

He reportedly owns a $16.6m “Tuscan-style mansion” within the the town, in line with the Hollywood Reporter, in addition to two separate mega mansions in Malibu, value over $200m in combination.

“I’m no longer certain there’s the rest extra pathetic than Marc Andreessen, a real billionaire, whining that construction some multifamily houses in his the town would ‘MASSIVELY’ lower his own residence worth,” argued creator Matt O’Brien in a tweet on Friday.

Others used the inside track to mock Mr Andreessen’s 2020 essay.

“Marc Andreessen: It’s handiest TIME TO BUILD if it’s NOT IN MY BACKYARD,” joked creator and podcast Paris Marx.

Some critics famous the irony used to be simply as wealthy coming from Ms Arrillaga-Andreessen, who’s the daughter of a billionaire Silicon Valley land developer.

“Marc Andreessen, who married into the family members of one of the crucial Bay Area’s most vital actual property builders, has determined that it’s no longer time to construct when it’s close to his own residence,” stated Twitter consumer Andrew Granato.

The Independent has contacted Mr Andreessen and Ms Arrillaga-Andreessen for remark.

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