Across California and the nation, developers moved to start fewer homes in 2023, a decline some analysts say could send home prices and rents even higher as supply shortages worsen. Developers cite several reasons for delaying new projects: high labor and material costs, as well as new local regulations that together make it harder to turn a profit. Perhaps the biggest factor is the high cost of borrowing. Preliminary figures from the US. Census Bureau show building permits for new homes nationwide fell 12% in 2023 from the prior year and 7% in California. Drops were recorded in both single-family homes — most of which tend to be for sale — as well as multifamily homes — which are chiefly rentals.
San Diego is seeking more high-density housing in University City in an effort to shorten commute distances for the tens of thousands of people who work in the neighborhood but don't live there. Last week, city planning officials unveiled the latest draft update to the University Community Plan. The proposal would allow some of the highest density housing in San Diego outside of downtown, mostly clustered around the six Blue Line trolley stations that opened two and a half years ago.
A five-year odyssey beneath the streets of Los Angeles reached an end as a duo of tunnel boring machines reached the end of their journeys earlier this year. Their arrival marked the end of the tunneling on the third and final section of The Los Angeles County Metropolitan Transportation Authority (Metro)’s $9.5 billion D Line Subway Extension Project. Continuing where the Purple Line currently ends in Koreatown, the project will add seven new stations in some of the busiest destinations in Los Angeles such as the Miracle Mile, Beverly Hills, Century City, and Westwood.
Belvedere will have to revise its eight-year housing plan for a third time as state officials continue to question whether the city’s chosen sites can realistically be developed. That includes continued criticism of Belvedere’s use of accessory dwelling units, churches, a school, and small parcels to meet its regional mandate of accommodating 160 new units — 77 of which must be affordable. Belvedere’s element is more than a year overdue, but the city is not alone, as 40 of the Bay Area’s 109 jurisdictions remain out of compliance, as of April 8.
The San Jose City Council this week unanimously approved a new “tenant preference” policy meant to keep low-income tenants at risk of displacement in the city. Under the law, 20% of affordable apartments in new city-funded properties will be reserved for lower-income applicants living in “high-displacement” areas. Other Bay Area cities, including Oakland and San Francisco, have also adopted policies setting aside a portion of affordable housing for their own residents — but San Jose is the first city to propose a policy focused on protecting residents specifically from high-displacement neighborhoods.
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