The Daily Post reports that Backers of initiative to limit office space growth collect more than enough signatures to make ballot. (PDF)
UPDATE: PALO ALTO HAS CAPPED OFFICE DEVELOPMENT, WHY NOT MV?, July 30 2018.
While the city council in Palo Alto just voted to limit development, if the referendum passes it would mean,
“The stricter cap would also be permanent: any increase would have to be approved by voters, not City Council. Council has already decided to revisit its 50,000-square-foot annual limit within two to four years. Office cap opponents say it allows commercial landlords to raise rents, scaring away businesses that would bring tax revenue to the city.”
Why are cities considering this?
“The initiative seeks to curb the housing, traffic and parking impacts of new employees.”