Silicon Valley investors have bought up land near San Francisco to build a city there to new standards. California has housing problems, but the chosen area is dry and prone to forest fires
The American company Flannery Associates has bought up land in California to build a new city, The New York Times writes.
According to the publication, it is acquiring land 60 km northeast of San Francisco (Solano County), which is mainly agricultural land. It has allocated $800 million for their protection.
Flannery bought up land, including for more than their market value and sometimes regardless of whether they were sold or not. Due to the inflated prices, the company even decided to sue some landowners. The area is mainly home to ranches, windmills and power lines. In addition, the Travis Air Force Base is located nearby, and the US authorities have questions about the purchase of nearby land.
