Understanding the Bay Area’s Housing Crisis
The Bay Area continues to face a daunting housing crisis. Between 2011 and 2017, in the Bay Area alone, over 690,000 new jobs were created but only 98,762 housing units were constructed, according to the Bay Area Council Economic Institute:
The California Department of Housing and Community Development has estimated that our state needs to build 180,000 new units of housing annually to meet the anticipated demand for new housing by 2025. Currently, in California, only 80,000 new housing units have been constructed per year, as outlined by the following graph published by the Department:
In spite of its rapidly growing population, the Bay Area ranks at the bottom of housing growth when compared to other comparable major metropolitan regions, like New York City, Boston and Seattle. According to the U.S. Census Bureau of Building Permits Survey and an analysis prepared by the Bay Area Council of Economic Institute:
As Bay Area job growth continues to rise, our region has struggled to keep up with the rising demand for new housing, which has exacerbated the Bay Area’s affordability crisis. Passage at San Mateo would directly address this crisis by constructing over 900 new units of housing within walking distance to over 5,000 jobs in San Mateo.