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Andy Chen, a home seller in California's Bay Area, was dreaming of Waikiki, where he planned to buy a condo, after getting an offer $50,000 over his $1.5 million listing price and with all ...
The San Francisco Bay Area is one of the most unaffordable places to live in the US. A new report explores several solutions that could alleviate the Bay Area's affordable housing crisis, namely ...
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. [36] The goal of 30,000 new units was approved by San Francisco voters in 2014's Proposition K, [ 37 ] and the affordable housing bond was passed in 2015 as ...
But housing experts expect there to be more homes on the market next year as buyers and sellers come to terms with today’s higher-rate world. The housing market has been effectively stuck since ...
A housing supply gap of 6.5 million homes. At its root, inflation is a result of an imbalance of supply and demand. In the housing market, weak inventory was a problem that existed prior to the ...
The shortage is statewide; from 2010 to 2017, the state added one new housing unit for every five new residents, and is pronounced in employment centers such as the Bay Area and Los Angeles. [ 15 ] : 1 [ 16 ] In 2023, housing affordability in California reached a 16-year low, with only about 16% of homebuyers able to purchase a median-priced ...
Local newspaper The Mercury News reported that in March 2019, the median home sale price for all nine counties of the Bay Area dropped for the first time in seven years. [16] Furthermore, the average monthly inventory of homes for sale in Silicon Valley increased 15% from 2017 to 2018. [ 3 ]
And housing starts have still not recovered from the bursting of the housing bubble in the mid-2000s. Divide between haves and have-nots The forecast for a “stuck” housing market cuts both ways.