There are multiple problems that need to be solved here. Buying land is one of them, and yes, it seems like a reasonable investment for someone who has tons of money. The other problem is water.
Yet another problem could be the transit from the new city to SF. Geographical proximity may be useless if the traffic jams make commuting impossible.
If it's worth saying, but not worth its own post (even in Discussion), then it goes here.
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