Plans for a housing development in San Jose near Japantown have been revised, reducing the number of affordable apartments from 18 to just six units. The San Jose Planning Commission's recommendation for a seven-story, 118-home complex was influenced by financial feasibility concerns from the developer, Msasa Properties. As a result of this cut, they will incur a penalty of nearly $1 million for failing to meet the city's 15% affordable housing requirement. The six affordable units will target residents earning 50% of the area median income, highlighting the ongoing challenges in providing low-income housing in the area.
"It's extremely costly, and in this environment, it's very hard to make projects pencil," he told San José Spotlight. "So we took the on-site affordable units down to six, but we still have to pay the fee on the difference."
"The six affordable homes will be available to residents making 50% of the area median income, which in Santa Clara County is $92,150 for a family of four."
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