Housing Market Dynamics in the Bay Area: A Municipal View
As one of the most prosperous regions in the nation, the 9 counties that make up the Bay Area are the home to 7.7 million people, across 6,900 square miles with a total GDP of $531 billion. The 5 counties that make up New York City, for their part, are the home to 8.4 million people, across only 300 square miles with a GDP of over $1.5 trillion. Yet, the average rent in San Francisco is on average $200/month higher than in New York City with even larger disparities for outlying areas and suburbs. This necessarily begs the question, how is it possible that a city with a roughly similar population to the Bay, 3 times as much income chasing housing across a land area 20 times smaller actually ended up with lower average rent than the Bay?
The answer is a complex stew of overlapping regulatory entities, tax incentives and economic insecurities that have resulted in more than a generation of individuals forced to tie up their entire financial future with their home, with the generation behind them locked out of the housing market altogether. This talk will explore these issues and the causes before discussing the bold policy remedies that might be necessary to address them—and what could possibly happen if we don't.
Studies, analyzes & formulates positions on issues affecting the Los Altos business community, makes recommendations to the Board of Directors on public policy positions, monitors government actions & communicates chamber positions to appropriate officials to encourage positive actions, attends city council or commission meetings and expresses chamber opinions.