"These cities in Texas do great on all metrics: robust job markets, good amenities, and relatively affordable housing," Asad Khan, a senior economist with Redfin, stated.
City leaders have adjusted the Inclusionary Housing Ordinance to breathe life into dormant projects. The update shifts affordability tiers for rental units from 50, 60, and 100 percent of area median income to 60, 80, and 110 percent, easing the path for developers to move forward. This pivot aims at households caught between subsidized options and soaring market rates, fostering a broader mix of homes that reflect the city's diverse rhythms and needs.
On a recent Saturday afternoon in downtown Mountain View, groups of people filled the outdoor seating at restaurants along Castro Street, dogs and their owners strolled the sidewalks and minutes after the Don't Eat Me storefront opened its doors, people shuffled inside. The pop-up shop recently opened in a previously vacant space on Castro Street, selling original artwork, stationary, clothing, accessories and home decor from Bay Area artists.
In addition to 7,000 new units of housing that are currently under construction and should be ready for occupancy within the next year or two, there are now 11,100 net-new units for which building permits have either been issued, approved or requested, and another 27,400 units in projects that have already been approved but not yet permitted (which includes the majority of the 10,500 units by Candlestick, 7,800 units on Treasure Island and 5,680 units at Parkmerced, projects which have overall timelines measured in decades, not years).