To the Menlo Park City Council,
I wish to add my voice to those that oppose this potential ordinance. I believe the basic concept intrudes on the private property
rights of property owners and will only drive up rents for for the working poor.
The first things landlords would do would be to increase rents to account for these transfer payments. Then it will lead to fewer
investments in new rental property because who would want to run the risk of having to pay this and potentially other transfer
payments once precedence it set. When gas costs go up, we don't make oil companies pay a rebate. When the state increases taxes,
we don't require them to provide equal tax discounts. When milk, bread, or fruit costs increase, there is no mandated transfer
payment from growers and producers to consumers.
The city's opportunity to affect rents and housing availability is tied to zoning and building permits and development policy -
done hand in hand with business development and transportation and infrastructure management. But to actually weigh in and dictate
terms on how private property owners may manage and sell their assets or in this case rent apartments or homes, should be beyond
the reach of government.
Let's remember that many people have invested in real estate, either directly or through the stock market, for their income or
retirements. It is improper for the city to endanger these investments to favor another group of citizens. This bias and intrusion
is not in keeping with the best interests of our community.
Sincerely,
Michael
