Tech family offices’ secret-city plan faces voter decision in California

Author Marcus Baram

Marcus Baram is a contributing editor at Crain Currency, where he covers the intersection of finance and politics. Prior to joining Crain Currency, Baram was a staff writer at Fast Company and an editor at Huff Post. He has also written for outlets such as The New York Times, The Atlantic, and Vice. Baram is an expert on economic policy and has a deep understanding of the ways in which politics shapes the global financial system. In his role at Crain Currency, he brings a unique perspective to the complex and ever-evolving world of finance. With his keen analysis and clear writing, Baram helps readers make sense of the important issues impacting the economy today.

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Mar 12, 2024

5 months ago

A plan by tech moguls and their family offices to build a futuristic utopia on the outskirts of San Francisco — involving 52,000 acres of land purchased since 2018 — may go before voters in November.

The secretive company — led by Jan Sramek, a former Goldman Sachs trader — included some of Silicon Valley’s most prominent people as investors, such as:

Laurene Powell Jobs, whose Emerson Collective functions as her single-family office.
LinkedIn co-founder Reid Hoffman, who shares a multi-family office, Iconiq Capital, with Mark Zuckerberg and Sheryl Sandberg.
Stripe co-founders Patrick and John Collison.
Venture capitalist Marc Andreesen, whose family office bears his name.

In addition, legendary tech investor John Doerr reportedly invested in the venture through his family office, Foris Ventures.

Since the group’s identity was revealed by The New York Times last summer, it has been rebranded as California Forever and plans to gather 13,000 signatures from residents of Solano County to put a ballot measure in front of voters. The plan to build a city powered by clean energy and featuring affordable housing and decent jobs would involve zoning rule changes that county residents have to approve.

The East Solano Homes, Jobs, and Clean Energy Initiative promises to create at least 15,000 jobs and $400 million in payments to county residents for down payments on homes as well as preserve more than 700 acres as parkland.

Last week, the group debuted a new ad for the proposal and an aerial concept map of how the new city would look.

Author Marcus Baram

Marcus Baram is a contributing editor at Crain Currency, where he covers the intersection of finance and politics. Prior to joining Crain Currency, Baram was a staff writer at Fast Company and an editor at Huff Post. He has also written for outlets such as The New York Times, The Atlantic, and Vice. Baram is an expert on economic policy and has a deep understanding of the ways in which politics shapes the global financial system. In his role at Crain Currency, he brings a unique perspective to the complex and ever-evolving world of finance. With his keen analysis and clear writing, Baram helps readers make sense of the important issues impacting the economy today.