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COVID-19 has affected our everyday life in almost every aspect. Homebuying is no exception. The pandemic did not necessarily create new trends but rather accelerated them. Prior to COVID-19, online shopping already had been on a considerable upward swing. The pandemic just boosted it. The same can be said about remote working or working from...
How much do you need to earn to buy a home in San Jose? More than $240K a year
The housing market in Silicon Valley is notoriously expensive. But a new report from HSH.com shows just how much a resident needs to earn in San Jose to pay for a home. According to the study, to afford the principal, interest, taxes and insurance payments on a median-priced home, a buyer in San Jose must...
Collins: How does the 2021 housing market look?
Nine months ago when our world was turned upside down with a countywide stay-at-home order, none of us could have predicted the robust housing market we have been experiencing. Many of us were assuming similar outcomes as we experienced during the last great recession, but plummeting prices and mass foreclosures never materialized. In fact, sale...
Rent prices fall 7.7% in San Jose, but mostly from a drop in demand for luxury rentals
Apartment rent prices in San Jose are falling, but that might not do a whole lot to help renters struggling to make ends meet in the pandemic-slammed local economy. The average rent in 2020 was $2,531 a month, according to a new report from apartment finder service RentCafé. That was down 7.7% from last year, one...
Airport panel rejects San Jose’s Diridon, Google project plans
A critical airport commission unanimously voted against San Jose’s Diridon plan and Google’s downtown megacampus, taking issue with proposed building heights that would disrupt the city’s international airport. Santa Clara County Airport Land Use Commissioner Glenn Hendricks admonished San Jose for failing to answer commissioner’s questions. “I’m extremely disappointed in the city of San Jose...
Facebook, Destination: Home partner on new fund for extremely low-income housing
An affordable housing complex with 123 units in downtown San Jose is one of the first projects to be funded by a new Community Housing Fund announced Wednesday morning. The fund was launched using $150 million of a $1 billion commitment from Facebook to affordable housing, in addition to $5 million from local nonprofit Destination:...
San Jose to hold community meeting on Diridon Station development
A study session by the San Jose Planning Commission on the Diridon Station Area Plan this week offered a peek into tonight’s much anticipated public discussion about the high-profile development. Commissioners held a study session Dec. 2 to discuss San Jose’s development plan for the 250-acre area, including Google’s proposed 80-acre campus project. Planning Division...
Does San Jose’s residential building slowdown signal a recession?
San Jose has issued far fewer residential building permits this year — and it could signal a severe economic downturn. “It looks like a slowdown is coming,” said Will Smith, business agent for the IBEW 332 electricians union. “We’re potentially heading into a recession.” Smith’s observation is backed up by the latest numbers released by...
Santa Clara Unified, San Jose in nearly $5 million dispute over development fees
A project to build a massive school complex in San Jose is at the center of an almost $5 million dispute between the Santa Clara Unified School District and the city. At issue is $4.87 million that the school district paid the city for “traffic impact mitigation fees” related to construction at the Agnews School...
Santa Clara County moves forward with airport closure, plans to repurpose land
Santa Clara County is moving forward with closing the Reid-Hillview Airport in East San Jose, county lawmakers decided Tuesday after hundreds of pleas from the community to use the land for affordable housing and other community needs. The supervisors voted 4-1 to begin preparing for a potential airport closure and begin the planning process for...