What Happens When a City of Billionaires Goes Broke? Portola Valley’s Housing Market on Edge

Portola Valley, once the richest town in America, now faces a surprising financial crisis. Despite wealthy residents, including tech and sports moguls, soaring costs—like a $2.1 million sheriff's contract—and state mandates for affordable housing have pushed the town toward bankruptcy.

With a median home price of $5.82 million, Portola Valley's market remains exclusive, but strict zoning laws limiting multifamily housing add strain. The town’s uncertain fiscal future could impact housing values and development, showing that even the wealthiest communities aren’t immune to financial challenges.