Adam Neumann co-founder of WeWork has secured $350 million in funding for his new real estate company Flow [ flow.life ] from Silicon Valley venture capital firm Andreessen Horowitz for his new residential real estate company flow.life scheduled to debut in 2023
Shelter is one of our most basic needs. In a world where limited access to home ownership continues to be a driving force behind inequality and anxiety, giving renters a sense of security, community, and genuine ownership has transformative power for our society. When you care for people at their home and provide them with a sense of physical and financial security, you empower them to do more and build things. Solving this problem is key to increasing opportunity for everyone.
Flow is already in the works. Neumann purchased more than 3,000 apartment units in Atlanta, Fort Lauderdale, Miami, and Nashville, according to the Times, and will offer Flow’s branded rental-housing experience and services to outside developers.
The first model is: you own a home you call your own, typically with a multi-decade mortgage, near your current employer. IF you can find a house, as these locations often aren’t building new housing. IF you can afford that house, as housing prices in many such places have skyrocketed. And even then, you’re now stuck — you can’t move, even if your economic opportunity or life path wants to take you somewhere else.
The second model: you rent an apartment, but: it’s a soulless experience; do you even meet your neighbors, much less have any friends in your complex? Does it feel like home, or just a place to sleep? Are you proud to bring friends and family to visit, or hesitant? And you can pay rent for decades and still own zero equity — nothing. There’s a reason the federal government started subsidizing home mortgages: someone who is bought in to where he lives cares more about where he lives. Without this, apartments don’t generate any bond between person and place and without community, no bond between person to person.
For hundreds of years, ambitious young people have had to move to immediate geographic colocation with employers to have access to the best jobs for their skills and talents. That is suddenly no longer true. This newfound flexibility has triggered the “Great Resignation”, where people prioritized other factors over professional considerations. Many people are voting with their feet and moving away from traditional economic hub cities to different cities, towns, or rural areas, with no diminishment of economic opportunity.
Adam Neumann has a net worth of $1.4 billion, according to Forbes calculations, and still owns 10% of all shares of WeWork.
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