In San Jose, just as for California as a whole, population growth has far outpaced housing production, fueling a crippling affordability crisis. A new report coming before the City Council this week shows exactly how much the self-described Capital of Silicon Valley has fallen short of its state-set affordable housing goals. In 2017, the city approved building permits for 475 below-market-rate units, just a fifth of its annual target. But it far exceeded its goals for market-rate units, authorizing construction for 2,622 homes that same year. Though San Jose has produced a larger proportional share of housing than neighboring cities, it’s still way behind target. So are the vast majority (97.6 percent) of California cities and counties, according to data compiled by state housing officials. Years of demand outpacing supply have turned the South Bay into the second-most expensive real estate market in the nation. From 2010 to 2015, Santa Clara County added 171,000 jobs and only 29,000 housing units, according to SPUR. The nine-county Bay Area added 546,000 jobs but only 62,600 new homes during that same time.
Categories:San Jose Inside