Mayor Mahan & Councilmember Matthews have revolutionized the housing market with their discovery that "net present value figures ... are based on outdated economic assumptions" and that we should focus on "actual dollars" paid over 40 years!
Madam Mayor, I'll buy your home for $1 million -- a good $100,000 over the current market price. I'll pay you in 2050. Do we have a deal? Can you vacate by next Tuesday?
Fair Market Rent for the proposed stadium site is currently over $1.8 million per year. Even with the new Mahan-Matthews Math, that should be worth over $72 million in "actual dollars." Too bad the 49ers LLC only signed up for $40 million.
This is a bad deal -- with or without the lies the Mayor is spreading.
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