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(Business Insider)   Sergey Brin keeps on not being evil   (businessinsider.com) divider line 21
    More: Cool, Sergey Brin, rents  
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3519 clicks; posted to Geek » on 30 Aug 2012 at 4:34 PM (2 years ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2012-08-30 04:39:34 PM
" Brin has created a small real estate holding firm called Passerelle Investment Company. With it, Brin is buying up downtown property in Los Altos, Calif., a small Silicon Valley town near where he lives, and is renting it out at below-market rates to stores he thinks families in the community need: a children's bookstore, a children's playspace, and a child-friendly coffee shop."

In other words, he lives in Los Altos and has or is planning on having children.

I'd be more impressed if he bought properties in East Palo Alto and rented them below market to local police and fire employees, as well as to the people who clean Google's office buildings.
 
2012-08-30 04:41:47 PM
That is cool. Good on 'em.

On the other hand, if I were a local landlord who was renting out somewhere to actually make bills go away, I wouldn't love that he was knocking the floor out of the local renting market.
 
2012-08-30 04:45:08 PM
Yeah, what a dick, only giving some people a break in this economy. He has endless money, right?
 
2012-08-30 04:46:38 PM
" a children's bookstore"

Is that like an adult bookstore except with pictures of children instead? sick farker.
 
2012-08-30 04:55:40 PM
A child friendly coffee shop? Isn't giving nervous stimulant drugs to small children evil?
 
2012-08-30 04:56:52 PM
Not to be the buzz kill here, but isn't he just exacerbating the problem by purchasing buildings at market rate?
 
2012-08-30 05:01:33 PM

Marine1: That is cool. Good on 'em.

On the other hand, if I were a local landlord who was renting out somewhere to actually make bills go away, I wouldn't love that he was knocking the floor out of the local renting market.


Almost everywhere I lived landlords make money hand over fist. Particularly in any "hot" market. Near a University, tech development, near downtown, etc. Like the housing market, it is generally artificially inflated IMO.
 
2012-08-30 05:06:15 PM
Well, he's made that cash by monetizing you. Think about that for a minute.
 
2012-08-30 05:06:40 PM
farm6.staticflickr.com
"Atta boy, Sergey!"
 
2012-08-30 05:07:32 PM

Marine1: I wouldn't love that he was knocking the floor out of the local renting market.


True, but it's free enterprise - Nobody is forcing him to rent at a loss. Even he can't afford to lose money indefinitely. Also, there's more to any market than its floor. Once his rentals are full, anyone looking for a place will still have to come to you.
 
2012-08-30 05:14:06 PM
I'm working in one of those rental properties right now. We are a startup, and the low rent rate has been hugely beneficial for us. Also the coffee shop is called Bumble, and allows parents to leave their kids with someone while they get something to eat/drink. It's pretty awesome.
 
2012-08-30 05:41:23 PM
Not frI'm Cali. How bad enneighborhood is Los alto?
 
2012-08-30 05:42:15 PM

Contents Under Pressure: I'd be more impressed if he bought properties in East Palo Alto and rented them below market to local police and fire employees, as well as to the people who clean Google's office buildings.


I don't know a single cop or firefighter who would want to live in EPA. And, property there is already below market value for the peninsula so I'm not really seeing your point
 
2012-08-30 05:42:41 PM

thisiszombocom: Not frI'm Cali. How bad enneighborhood is Los alto?


Wow I suck at teh typing

Oh and is he the one with the hot derp wife?
 
2012-08-30 05:50:24 PM
Los Altos is pretty good, actually. East Palo Alto is bad. Funny how people tend to confuse them time to time.
 
2012-08-30 06:01:11 PM
Los Altos is extremely affluent. A tiny condo in this are would cost over 500,000, and there's not a lot of rentals. As far as demographics, it's mostly older folks, especially for silicon valley.
 
2012-08-30 06:10:20 PM
FTFA: '...and it's just really cool that he is.'

Hmmm, yeah, about that...

1) He is offering below market rent to BUSINESSES??? WTF?!?!?

2) If he was really cool he would be buying up homes and apartment houses and offering below market rent to people who could really use it.

3) It's not cool because he will be taking tax advances from it. Or is it cool because he's LIBERAL and taking advantage of the tax code but if he was conservative he would be a money-grubbing bastard?
 
2012-08-30 06:18:49 PM

Sandwyrm: Los Altos is pretty good, actually. East Palo Alto is bad. Funny how people tend to confuse them time to time.


Yeah, and then there's Los Altos Hills...

The median income for a household in the town was $173,570, and the median income for a family was $181,865. Males had a median income of $200,000+ versus $178,288 for females. The per capita income for the town was $92,840. About 1.2% of families and 1.9% of the population were below the poverty line, including 2.5% of those under age 18 and 2.0% of those age 65 or over.
 
2012-08-30 06:21:15 PM

thisiszombocom: enneighborhood


"Enneighborhood: (v) To turn a place into a neighborhood."
 
2012-08-30 07:22:22 PM
So a cool guy does some good secretly so as not to you know fark it all up, and you out him?
 
2012-08-30 08:58:23 PM
Some Liberal 'justice' organization will learn of this and force them them/him to pay the going reasonable rate. If anyone is going to give people a free ride, it's not going to be a googillionaire!
 
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