San Jose has launched a multifamily housing incentive program to combat a severe housing shortage exacerbated by high interest rates, construction costs, and fees. This program waives certain in-lieu fees and reduces construction taxes, incentivizing developers to initiate projects. Notably, the Hanover Co.'s Coyote Creek Village will contribute significantly with 1,472 new housing units. Despite the need for 62,200 new homes by 2031, San Jose has faced difficulties, with few market-rate multifamily projects emerging in recent years. Mayor Matt Mahan emphasizes a shift from talk to tangible results in housing production.
We're moving beyond the rhetoric of saying housing is a priority to actually delivering results for our residents, creating the conditions that drive housing production, San Jose Mayor Matt Mahan said.
Despite the state mandating that San Jose needed to plan for 62,200 new homes by 2031, the city has struggled to start market-rate multifamily projects, averaging about one new development per year over the past few years.
Collection
[
|
...
]