It is the best of times, it is the worst of times… At a recent San Jose State University economic summit the general consensus as jobs – and pay – continue to increase across the Bay Area, which is only exacerbating the housing crisis.
It is estimated that California needs construction of roughly 210,000 to 250,000 residential units a year but is building only 110,000 annually.
As more and more tech companies are moving or expanding to San Jose, the city is responding by pledging to build 25,000 residential units in San Jose through the end of 2022. 12,000 have either been approved or being reviewed for potential approval, although only 3,000 are actually currently under construction.
A ways to go.