Several Bay Area cities are considering a freeze on residential construction except for affordable housing. But at a Bay Area Council forum on the idea, a leading economist said that’s exactly the wrong response to the housing crisis.
Chris Thornberg, founding partner of Beacon Economics, said businesses will eventually follow, as many people with jobs in San Francisco and Silicon Valley have already moved to the East Bay.
Despite all the headlines about the surge in technology jobs in San Francisco, on report suggests the tech sector still makes up only a tiny percentage of the city’s private jobs.
More people want to live in San Jose thanks to growth in the technology sector fueled by social media, making the greater San Jose area one of the most expensive rental markets in the Bay Area.
Home sales in the San Francisco Bay area have dipped to their second-slowest pace in more than two decades.