​Bramson: When the market crashes, the safety net tears

The stock market’s recent volatility and the looming threat of a recession aren’t just numbers on a screen — they’re harbingers of a deeper crisis unfolding in Santa Clara County. As economic uncertainty intensifies, the fragile balance keeping thousands of families housed is tipping dangerously toward disaster.​

In 2024, more than 4,000 Santa Clara County households experienced homelessness for the first time — a staggering reminder that people are losing their homes every day. Alarmingly, for every household that found housing, nearly two others became homeless. These numbers aren’t merely statistics. It’s a reflection of the precarious state so many in our community face.  

The end of pandemic-era protections, such as eviction moratoriums, has left many vulnerable. Inflation has driven up the cost of essentials, with consumer prices increasing by 21% since February 2020. Families are now spending an average of $1,212 on goods and services that previously cost $1,000. Rents have risen by 12% over 18 months, and the average rent in San Jose hovers at roughly $2,900. 

Compounding the issue, state and federal funding for affordable housing in Santa Clara County dropped again last year, with many of the most needed sources running out without renewal prospects in sight. This shortfall strains local resources, making it harder to provide the necessary support to those teetering on the edge. ​

The potential recession threatens to exacerbate these challenges. Economic downturns often lead to job losses, reduced incomes and increased housing insecurity. For many in our community, a single missed paycheck can mean the difference between stability and homelessness.​

To address this crisis, we must prioritize the preservation and expansion of affordable housing. Local funding initiatives are now more crucial than ever. However, these efforts require sustained commitment, political will and support from all levels of government if we want to see opportunity for new money show up on the ballot.​

Moreover, we need to bolster our homelessness prevention programs. Providing temporary financial assistance, legal support and rapid rehousing services can help keep families in their homes. Investing in these programs is not just compassionate — it’s cost-effective.

The volatility of the stock market and the specter of recession are stark reminders of our economic system’s fragility. But they also present an opportunity. By acknowledging the interconnectedness of our financial and social systems, we can advocate for policies that protect our most vulnerable neighbors.​

In times of economic uncertainty, the measure of a community is how it treats its most vulnerable members. Let us rise to the occasion, ensuring that every resident of Santa Clara County has a place to call home.

San José Spotlight columnist Ray Bramson is the chief operating officer at Destination: Home, a nonprofit that works to end homelessness in Silicon Valley. His columns appear every second Monday of the month. Contact Ray at [email protected] or follow @rbramson on X.