Portola Valley, despite having a high per capita income of $250,000 and a history of housing restrictions, faces financial strain due to rising costs and mandates for low-income housing.
With a median list price of $5.82 million, Portola Valley's housing market remains robust, but increasing inventory suggests a potential shift as homeowners respond to the city's financial pressures.
Local real estate expert Sam Fitz-Simon anticipates that the introduction of mandated low-income housing could deter wealthy buyers and drive some residents to leave, impacting the town's real estate desirability.
Current data shows that homes are now becoming more available in Portola Valley, reaching levels not seen since the COVID-19 pandemic, indicating possible challenges ahead for the luxury housing market.
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