Real Estate impact of State Takeovers in Oakland
In the history of Oakland, the state has carved space for Lake Merritt to build on land taken from locals through Eminent Domain. The same is true along the 580 and BART coordiors. From a real estate investment perspective let's conflate that with state takeover of the schools, the FBI raiding Oakland Mayor Thao's home, and other related FBI activity regarding waste management, as we now hear an army base is involved in the same investigation .
If the Federal Government of the United States, or the State Government of California "clean up" local government and municipal operations such as public schools and police departments, do they leave a wake of profit for local investors?
The state government has stepped in to support Oakland PD but made a show of not sending state attorneys to help the local district attorney for Alameda County. They did so in a way that underscored that they have a fraught relationship with District Attorney Pamela Price, who is herself facing recall in November .
The mayor is also embattled and facing recall.
The police chief is quite new.
One of the obstacles for keeping the A's in town was pushback on redevelopment plans for the area between the Coliseum and Lake Merritt known today as Brooklyn Basin. Much of this came from operators at Port of Oakland.
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Oakland's geography is that of an essential nexus point with BART, Amtrack, highways, a major ocean port and an airport. The result is a major amount of traffic comprised of people goods and services next to and between San Francisco, San Jose/Silicon Valley and the Capital not to mention other noteworthy points of interest such as Berkeley and Napa.
The most populous city in Alameda County, The Town over the years has been roughly around half the population of San Jose and authorities reported about twice the crime. Oakland is also known for having a cluster of "elite zip codes" that ranks it in the top 5 in that regard, one of the most diverse cities in America.
The downtown jail was closed, with the prison population shifted east to Dublin, a redeployment of resources and political power.
The varied timeframe these events occurred over does not do justice to the history of Oakland in this lens, but investors find strong leading indicators for the market amid state interventions.
The quality of schools, levels of crime, deployment and availability of public resources all factor into real estate value. Local control vs. stewardship can also inform the tone and level of social conflict directly impacting the experience, enjoyment and value of owning real estate in The Town. Some might expect a shock in value followed by a rebound as state interventions run their course. Uche Nchekwube is a full service real estate broker active throughout the Bay Area. Text or call (415)322-0774 or send an email to [email protected] to get help to buy/sell real estate or more information on affordable housing. Information here is not legal advice, for information purposes only, deemed reliable at time of posting subject to errors, omissions and change at any time.
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