Wednesday, October 21, 2015

Bay Area regional housing trends

Rent South Bay may be trending slightly lower, fringe cities higher.  Mayors looking for regional housing and transportation solutions  (Urban Land discussion, San Francisco, Oakland, San Jose).

ABC 7 news/KGO TV/San Francisco, Oakland, San Jose/Real Estate, 10/9/15,"New report reveals rents drop in some bay area cities."  

Image result for Rent picture
... and BTW, we'll be renting-out
your condo next week.
Image result for urban planning picture
Three (3) city housing/transportation
regional approach: fix it, build it.
"Rents are still going up in the Bay Area, but there is some good news. A new report revealed rents have actually dropped in some Bay Area cities.  They haven't dropped by much, but rental research company Real Answers reports the typical monthly rent in Palo Alto is down by $37 to $3,410 a month. In Mountain View, asking rents also dropped a couple of dollars to $2,829. Experts told the Silicon Valley Business Journal it's unclear if those cities are seeing the start of a trend.

The most dramatic increases were actually much further north. For example, Solano County is experiencing a 16.5 percent increase, Napa is seeing a 16 percent increase and Contra Costa County is seeing a 12 percent increase. Statewide, rents in the third quarter were up nine percent compared with 2014."

"Silicon Valley apartment rents jump again in third quarter, but some cities see easing." "Silicon Valley apartment rents continued to march upward in the third quarter, though the increases moderated in some cities in what could be a sign that housing costs are topping out. At the same time, rents seemed to accelerate dramatically on the outer edges of the Bay Area, suggesting residents are pushing out farther into the region's fringe."

Related government - Urban Land Magazine (Urban Land Institute), Leslie Braunstein, 10/19/15, "Mayors tackling the Bay Area's regional housing, transportation challenges." "The San Francisco Bay area is envied worldwide not only for its spectacular scenery and diversity, but also for its low unemployment rate. In the wake of spectacular economic growth, however, the region has developed a number of problems that threaten future success, including a housing supply/affordability crisis and an overburdened, underfunded transportation system. 

Regional cooperation is necessary to address these issues, agreed the mayors of three Bay Area jurisdictions who spoke at a 2015 ULI Fall Meeting general session: Mayor Edwin M. Lee of San Francisco, Mayor Sam Liccardo of San Jose, and Mayor Libby Schaaf of Oakland. .... Jim Wunderman (chief executive officer of the Bay Area Council) pointed out that the Bay Area, like so many other metropolitan areas, could benefit from a more regional approach to solving its problems. In addition to its three major cities, the Bay Area has nine counties and over 100 municipalities. There are several regional agencies, but none, according to Wunderman, with 'real teeth'.  In this leadership vacuum, mayors are supporting each other stepping up to the plate because, as Schaaf concluded, 'we get things done.' " The article includes the full Urban Land Institute meeting video, 56:30 minutes, (tax benefits for affordable housing developers/owners, smaller units, density, funding to update city infrastructure, transportation, three (3) cities regional cities approach). What about San Mateo County question? No real response, video about 50 minutes in.

Note photographs.  Site Planners Chron/Tom Gresham,"Civil Engineering vs. Urban Planning." Chicken yard condo planning by Gary Howe from the New York Times/Business Day. 

Posted by Kathy Meeh

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