American entrepreneur and billionaire Marc Lore has unveiled an ambitious plan to create a new
Lore, a former banker and successful businessman, the mostknown for selling his e-commerce site Jet.com to Walmart for $ 3.3 billion a few years ago, insists that the concept is not utopian in nature, although its presentation resembles some utopian experiments from Europe.
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“There is a limited amount of land,and whoever claims this land for many generations. There are local communities, a lot of tax dollars are invested in the land – thus, the value of the land increases over time without the landowners having to produce or take risks. Essentially, the land can be transformed from a barren wasteland into a modern city worth billions (or even trillions)”, – says the former banker.
So Lore came up with what he called“equityism”: purchase a huge 150,000-acre tract of land that will be donated to the community. It will then democratically manage land rental and valuation revenues to support city services, education, health, etc. without raising taxes.
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Details are still very scarce, but on rendersdepicts the idyllic town of Telos with farms and green buildings that boast high energy efficiency and modern additions such as solar panels and rainwater harvesting systems.
A large tower called Equitism Tower will berise in the central park, where there will be a lot of greenery. Walking accessibility will be a priority throughout the city. Transportation options would also include bicycles, slow-moving autonomous cars, as well as a monorail and possibly vertical take-off air taxis.
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The billionaire's idea is to step by stepconstruction of the city. The initial phase will cost more than $ 25 billion and will consist of 1,500 acres of land with buildings for 50,000 residents. Ultimately, the city will be home to 5 million people, and its cost is estimated at $ 400 billion. Funding is expected to come from a variety of sources, including private investors, philanthropists, and federal and state grants.
Source: newatlas
Illustrations: cityoftelosa
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