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San Jose Looks To Stimulate Housing Development

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San Jose Mayor Chuck Reed (CBS)

San Jose Mayor Chuck Reed (CBS)

SAN JOSE (KCBS) — Officials in San Jose are hoping changes that they have made will stimulate housing development citywide.

San Jose Mayor Chuck Reed met with developers and real estate brokers recently and they told him they were holding off on moving forward with rental housing projects because of uncertainty surrounding affordable housing requirements.

KCBS’ Betsy Gebhart Reports:

City staffers have worked on streamlining those rules to get construction moving and the San Jose City Council voted unanimously to approve the changes.

Reed said the action will generate 8,000 new construction jobs.

“I’m looking forward to seeing some groundbreaking and lots of people wearing hard hats over the next year,” he said. “We haven’t had enough hard hats in the city over the last couple of years.”

Reed said it will also mean a billion dollars in private investment and nearly $10 million in new tax revenues.

(© 2010 CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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