Why don't all companies do this, then, I wonder? It seems like companies offering people an opportunity to work in SF, plus affordable housing, would be a huge attraction?
I once worked for a startup that happened to have owned some property in downtown SF right at about the cusp of things really taking off in the latest bubble. We didn't use the space and ended up renting it out to a couple other companies.
The rent we charged was a couple times what our payments on the property were -- and quickly going up. At one point the rent we were receiving was greater than our own revenue. We joked about taking our investment dollars and buying up commercial property around the Valley instead of doing our main business.
I believe our board forced us to sell it in order to liquidate the cash rather than go in for another round...I can only imagine what it's worth today.
The rent we charged was a couple times what our payments on the property were -- and quickly going up. At one point the rent we were receiving was greater than our own revenue. We joked about taking our investment dollars and buying up commercial property around the Valley instead of doing our main business.
I believe our board forced us to sell it in order to liquidate the cash rather than go in for another round...I can only imagine what it's worth today.