Commentary on X
@ByrneHobart Seems like a reasonable hedge against rent control
9:45 AM · Jul 16, 2026165 University Ave in Palo Alto was rented out by Google. When they outgrew it, the landlord asked the next tenant to pay partly in equity. That tenant was PayPal.
8:40 AM · Jul 16, 2026I guess the optimal approach is that you pay rent in cash, but the fee to break the lease is equity (at your valuation when you got there, not when you left).
8:51 AM · Jul 16, 2026