Silicon Valley Leadership Group Applauds Governor Newsom’s Signing of Measure to Fast-Track Regional Housing and Economic Development Projects

CEO Thomas Emphasizes Need to Address Regional Housing Affordability and Business Competitiveness

San Jose, CA, May 20, 2021: Ahmad Thomas, CEO of the Silicon Valley Leadership Group, issued the following statement today applauding Governor Newsom’s signing of SB 7, which would fast-track regional housing and economic development projects by renewing an existing provision to streamline aspects of the California Environmental Quality Act (CEQA) for qualified projects. To date, this measure has benefited at least a dozen environmentally sustainable projects, and generated more than $2 billion in investment that has provided or will provide over 10,000 new housing units, and created thousands of new jobs:

“The Silicon Valley Leadership Group and our members applaud Senate Pro Tem Toni Atkins and Governor Gavin Newsom for their leadership in bolstering California’s sustainable economic development at this critical juncture in our recovery efforts.  

To sustain the Valley’s innovation economy, our members need to be able to attract and keep skilled, technical employees, and the greater Bay Area must remain a great place to live, work and play. At a time when the median sale price for existing homes in our state is among the very highest in the country, we face a critical need to increase our housing stock and generate more opportunities accessible to all families. 

The new law will help accelerate the addition of critically needed sustainable housing projects, generate new, good-paying jobs, and boost the State’s business competitiveness. In Silicon Valley this measure will allow for the streamlined development of 1,000 affordable homes, over 25,000 new jobs, and provide 200 million in community benefits through the Downtown West project alone.

Thank you again to our leaders in the State Legislature for pushing this measure forward and to Governor Newsom for his signature today.”

About the Silicon Valley Leadership Group

The Leadership Group is a business organization of hundreds of Silicon Valley’s most dynamic companies working to shape the innovation economy of California and the nation. Founded by David Packard of Hewlett-Packard, for over 40 years the SVLG has worked to address issues that affect the region’s economic health and quality of life. Today the SVLG Is focused on economic competitiveness with a special focus on diversity & inclusion, climate change and infrastructure. SVLG members collectively provide nearly one of every three private sector jobs in Silicon Valley and contribute more than $3 trillion to the worldwide economy. For more information, visit svlg.org.

Media Contact:

Laura Wilkinson

[email protected]

415-713-9288

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