Justin Ewers of the California Economic Summit wrote an excellent roundup of some of the key take-aways from a new report by the Silicon Valley Community Foundation and Center for Continuing Study of the California Economy (CCSCE) on the housing crisis in Silicon Valley.
On a day Bay Area home prices climbed to a new record (with the median home price in the nine-county region climbing to $800,000), a new report offers a glimpse of how these sky-high housing costs are impacting people’s lives in the epicenter of the state’s affordability crisis: Silicon Valley.
In the report, Silicon Valley’s Housing Crisis: How did we get here, and what can we do about it?, the Silicon Valley Community Foundation and the Center for the Continuing Study of the California Economy make the case that the price of housing is now affecting, well, pretty much everybody—and every part of the region’s economy.
“Discussions about the region’s housing crisis often focus on what can be done to create more housing opportunities for low-income residents—and with good reason,” said Steve Levy, one of the study’s authors, noting Silicon Valley is producing less than a third of the units it needs to house low- and moderate-income families. “But this crisis is affecting many middle-income residents as well, and it’s moving rapidly up the income ladder.”
Read the full article from the CA Economic Summit.