The city of Berkeley got a nice financial boost late last month when local developer Patrick Kennedy sold 7 of his mixed use apartment buildings in the city. Mayor Tom Bates said that the transfer tax will probably make up the entire $2 million budget deficit that the city was facing. Kennedy has been known to purposely place his buildings near BART stations and major AC transit bus lines in order to reduce tenants' dependence on automobiles. He was also the first developer in Berkeley to incorporate hydraulic lifts in order to double the parking capacity in his buildings garages and the first to have open space on his buildings' rooftops. During the past 10 years, he has built more low-income units than anyone else in Berkeley
One would think that this would earn him points in a left-leaning city like Berkeley, but he has his share of critics who argue that his real motive for doing what he does is so that he can leverage height and zoning concessions in order game the system to his advantage.
Whether you agree with him or not, residents of Berkeley will be enjoying a balanced budget this year thanks to Mr. Kennedy.
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