The Bay Area's exorbitant housing market is severely impacting Downtown College Prep, a charter school catering to low-income students in San Jose. The school recently defaulted on $34 million in municipal bonds, largely due to declining enrollment linked to the area's high housing prices, which limit families' ability to relocate. With a median home price around $1.5 million, many families cannot afford to live in the area, creating a vicious cycle that jeopardizes the school's financial sustainability and exacerbates community struggles related to education.
The high cost of living in California is the primary driver behind declining enrollment in local charter schools like Downtown College Prep, impacting their financial viability.
With the median home price reaching $1.5 million, San Jose requires a salary that is unsustainable for many families, leading to lower student enrollment.
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