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For example, 26 cities across California have Below Market Rate (BMR) housing programs approved by Freddie Mac. These programs help qualified buyers purchase homes priced at below-market rates ...
SAN JOSE, Calif. - Local housing advocates say they’re going to re-strategize after the $20 billion Bay Area affordable housing measure was removed from November's ballot. This comes just as the ...
The project will include retail and 2 million square feet of office space, and 2,402 total units of housing. Half of those units, or 1,201, will be designated as below-market rate housing for low and very low-income residents. [11] The project was approved on September 21, 2018 for streamlining under SB 35.
Cost and availability of affordable housing. In 2018, the median rental rate in Silicon Valley was $2,911, the highest of any major metropolitan region in the United States. [ 3] At $3.20 per square foot, the San Jose metro area has the second highest rental rate per square foot in the United States, behind San Francisco at $3.42. [ 3]
Since about 1970, California has been experiencing an extended and increasing housing shortage, [1]: 3 such that by 2018, California ranked 49th among the states of the U.S. in terms of housing units per resident. [2]: 1 [3] This shortage has been estimated to be 3-4 million housing units (20-30% of California's housing stock, 14 million [4 ...
Mayor Ed Lee responded to the shortage by calling for the construction of 30,000 new housing units by 2020, and proposing a $310 million city bond to fund below-market-rate housing units. [31] The goal of 30,000 new units was approved by San Francisco voters in 2014's Proposition K, [ 32 ] and the affordable housing bond was passed in 2015 as ...