Rising to the housing crisis, apartment construction is at a 50-year high – except in the Bay Area which is projected to see a sharp decline in 2022. San Francisco will see a 58 percent drop, San José will only bring half as many units online as in 2021 and Oakland will see a drop of 80 percent.
Analysts cite limited land zoned for apartment construction, complicated environmental reviews, and extended approval processes as main factors in creating serious bottlenecks.
While other cities are seeing a boom as workers return to work, the Bay Area has embraced remote work more than any other major metropolis.
Leave a Reply