2/ Cities built by a small group of "elites" inevitably fail or become the worst hellscapes you could imagine
3/ These people are dogshit to have as bosses. Now imagine them as unelected mayors having the ability to control your livelihood
4/ The land they bought is fucking stupid, unaccessible, has no water, no train stations, will be generic car centric hellscape n°1275
5/ None of them have any knowledge in city building (the time they spend on Cities Skylines while they pretend they're working doesn't count), and they will be working with sycophants saying yes to every one of their whims, even if it goes contrary to everything we learned.
6/ The land doesn't have water, sewage systems, power lines, internet, etc. Guess who they're going to go cry to and lobby? The state. Guess who's going to pay for their playground? You.
7/ We've already tried company towns. They were hell on earth.
VCs, and billionaires in general are the most uninnovative people I could ever think of. They have nothing but their "vision", willfully ignoring important things. Even picking up a hobo in the middle of Skid Row would lead to better results, because the hobo knows which parts of architecture are hostile, lead to horribly hot summers, etc.