Soaring housing prices are not news to this area, but the recent sale of a four-bedroom, two-bathroom house in Sunnyvale for nearly $800,000 over asking price has re-ignited the South Bay housing crisis debate.
In Cupertino alone, “10 houses were sold for $200,000 or more above the asking price,” according to the Mercury News. A few days ago, a CBS5 reporter witnessed another Sunnyvale home sale attract more than 20 offers for way over asking price. Low inventory of homes for sale and a multitude of qualified buyers has created an inflamed bidding market, making it difficult for middle-class workers like teachers, nurses and service sector employees to live near their workplaces.
A recent panel of housing experts hosted by the City of Cupertino lamented this fact during their discussion, explaining that while Cupertino has the most successful municipal economy in the world, a lack of new and affordable housing units threatens quality of life for all residents. In fact, Silicon Valley has added 150,000 jobs between 2010-2014, but only 36,000 new housing units have popped up during that time — less than 7-percent of which were affordable.
There’s potential for relief on the horizon, according to state lawmakers. Yesterday, a package of bills tackling the state of California’s housing crisis was passed by the California Assembly. These bills, according to many supportive California Assemblymen and Senators, are progress towards alleviating the California housing crisis. For many, this vote signifies a necessary improvement in access to affordable housing for California residents.
In the meantime, city planners, housing experts and officials are urging residents to become engaged and to promote smart, longterm growth in their communities.