Washington: Billionaire entrepreneur Elon Musk is planning to develop a town in the state of Texas where the employees of his companies’ could live and work below market rates, the Wall Street Journal reported, citing land records and people familiar with the project.
Musk has laid out a vision for a town along the Colorado River where employees could live and work on thousands of acres of land outside the city of Austin, the report said on Thursday.
Executives from Musk’s Boring Company have discussed the possibility of incorporating a town approximately 35 miles away from Austin, where the entrepreneur could determine some municipal regulations to hasten work, the report said.
Musk wants employees of the Boring Co., Tesla and SpaceX to be able to live in homes with rent prices below the market rate, the report said.
The town would be developed adjacent to Boring Co. and SpaceX facilities already under construction, the report said.
Some Boring Co. executives, such as president Steve Davis, have even envisioned creating an entire city, the report added.
Texas requires aspirant towns to have at least 201 residents and approval from a county judge to incorporate. Bastrop County has yet to receive any such application from Musk or related entities, a spokeswoman said.