Two recent articles reconfirm what many of us know all too well: the Bay Area’s housing affordability crisis continues unabated.
WASHINGTON — Homebuilders slowed their pace of construction by a sharp 0.8% in August, the second straight monthly decline. A steep drop in multifamily construction more than offset a gain in single-family-home building.
We hear a lot about the housing crisis. We are told that if we just build more, the problem will be solved. There is no doubt we need to build more housing, but just increasing housing supply without accompanying actions to temper rapidly escalating rents does nothing to confront the problem of affordability. Moreover, San Mateo County is projected to add close to 95,000 jobs in the next 25 years. Without countervailing management of the intense job growth fueling the housing demand, supply has little chance of ever catching up.