The good news is that major metropolitan areas in the Bay Area – San Jose, Oakland, and San Francisco – are seeing a significant increase in multi-family/apartment construction. For example, the San Jose metro area is seeing an increase of 283 percent – 1,579 units last year to 6,044 this year. Oakland is adding 1850 units and San Francisco, 1204.
The not-so-good news is that other cities such as Seattle and Miami are adding twice the number of units. The Dallas-Fort Worth area is adding 22,000 this year alone!
Although there is still much to be done, experts agreed that the Bay Area is heading in the right direction and noted that building in California is more difficult – and expensive – due to the state’s environmental regulations and the high cost of construction materials.