SAN JOSE, CA (May 20, 2022) — Ahmad Thomas, CEO of the Silicon Valley Leadership Group, issued the following statement today in response to the release of Governor Newsom’s May Revise for FY 2022-23:
“The Silicon Valley Leadership Group thanks Governor Newsom for proposing a budget designed to help tackle our state’s most pressing problems, while providing a strong framework for growth and renewal as we emerge from an unprecedented global pandemic…”
California’s housing affordability crunch ranks at the top of all serious public policy and business competitiveness agendas. The state’s median home price set a new record in March 2022 at $849,080, which is out of reach for most—only 25% of Californians can afford a median priced home, compared to 50% nationally. Here in Silicon Valley, the median home price in Santa Clara County was a whopping $1.6 million in March 2022, up nearly 20% from the previous year, according to Redfin.
Looking to buy a home in the Bay Area? You’ll need a household income of about $235,000 to afford the median home price of $1.2 million — and that’s if you can find a seller who will take your money. Whether it’s the climate, the innovative atmosphere, or the world-class tech ecosystem, people want to be here, and Bay Area housing prices continue to skyrocket.
With many left out of the market or enduring long commutes to less expensive areas as a result, local leaders are working together to increase the housing supply and make the Bay Area more affordable for all.
The League of California Cities Peninsula Division, city officials, and business leaders from the Silicon Valley Leadership Group came together to discuss the future of housing in the Bay Area at Housing in Your City, an online SVLG event on January 26.
The Measure Will Shorten the Time In Processing and Approving Affordable Housing Projects SAN JOSE, Calif. – February 18. 2021- In the midst of an unprecedented housing crisis due to COVID-19, Silicon Valley Leadership Group has decided to fully support the extension of SB7, a measure that enforces AB900 and speeds up the time in …
“Silicon Valley is being beaten down by its own success, crushed by soul-sucking commutes, unaffordable homes and homelessness.” “Silicon Valley is the World’s Epicenter of Innovation, the envy of entrepreneurs everywhere.” Two statements. Both correct. We each face a simple, yet profound decision. “What do we do?” Fight or Flight? I believe our Region, our …
Every May, we join other housing advocates in Affordable Housing events across the Bay Area.
Only 18 percent think the rate of development is too slow, while 74 percent say the rate of growth is about right or too fast.
People are thinking twice about staying in the Bay Area and are looking for answers to perceived pressing problems.
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