Portola Valley, a California community known for its wealthy residents, including tech moguls, is on the brink of financial collapse. With a median home price of $8.35 million, the town of 4,500 people is facing a severe crisis due to rising costs and unfunded affordable housing requirements.
A new sheriff’s contract has doubled the town’s payments to the San Mateo County Sheriff’s Office to $2.1 million, while affordable housing rules have been imposed on the town. The rules, set by California Governor Gavin Newsom, require the town to build 253 low-income housing units, which has sparked anger among residents.
Despite the affluence of those living in Portola Valley, the town relies on the San Mateo County Sheriff’s Office for policing and is struggling to pay the increased costs. With cash reserves running out, the town is struggling to “keep the lights on,” according to Mayor Craig Hughes.
Residents are at a stalemate with the state, and more than 70 percent of town officials have left their posts. Some residents have even suggested asking wealthy locals, including tech moguls, to donate to the town’s funds.
The situation has sparked frustration among residents, who feel the state does not understand their plight. “Every project that comes up you’ve got the neighbors complaining about whatever it is that people want to do on their private property,” said Council member Rebecca Flynn.
However, others argue that some affordable housing is needed in the town, including Church leader Mike Smith, who believes that those in need of housing should be given priority over the town’s wealthy residents.
