Letter: Something is wrong

Recent Half Moon Bay events and court cases are making national news.  After reading about the following land use decisions and transactions, one can make an interesting observation:

•  Wavecrest Partners sold 208 acres to Peninsula Open Space Trust for 13.1 million.  That’s $63,000 per acre.

•  Nurserymen’s Exchange sold 22 acres to the City of Half Moon Bay for $3.1 million.  That’s $155,000 per acre.

•  In the Yamagiwa lawsuit against the City of Half Moon Bay, Judge Walker’s decision awarded Yamagiwa $38 million for 24 acres.  That’s $1.6 million per acre – 1.6 million!

Judge Walker’s decision seems out of proportion to any sense of reality.  Land values aren’t rising that fast.

Gael Erickson
P.O. Box 2905
El Granada, CA 94018