As has been discussed in many other threads here, the Airport is used by a tiny fraction of residents. (Most airport hangered planes are owned by wealthy residents of Atherton, Woodside and Los Altos Hills, etc.) For most Palo Alto residents, the airport is mainly a source of noisy overflight that ruins the tranquility of outdoor activities on weekends especially - and a potential death deliverer.
Moreover, the airport is a huge potential financial liability now that the City is assuming responsibility for its operation from the County. We can't afford to be in the risky business of airport operation when we're cutting and worried about budgets for years to come.
The land the airport sits on could be used for many other purposes that would actually serve a majority of the city's residents - without the financial expenditures for what is essentially a rich man's or woman's hobby.
The local pilot's lobby will no doubt be posting here with their pie-in-the sky arguments about how the airport "could" be profitable if only it were run better and the taxpayers invested more in hangers or whatever, and with tendentious arguments about how the accounting should be done differently and how the airport is necessary in case of an earthquake. They always do. Special interests - especially those involving the rich and connected - are tenacious in defending their claim on the resources of the rest of us.
But small planes and dense residential areas don't mix. Close the airport now before an even greater tragedy than Wednesday's befalls us.