Housing Crisis Near Redwood City Worsens Due To Job Growth, More Residents
Source: patch.com | Re-Post MNM Partners, LLC 11/4/2016
The San Francisco Bay Area’s Peninsula region is short tens of thousands of housing units because of strong job and population growth over the last nine years, according to an economic report released Thursday.
The report by the Joint Venture Silicon Valley’s Institute for Regional Studies said the region including San Francisco, Santa Clara and San Mateo counties is short 60,000 housing units, a problem exacerbated in the last year by the addition of 65,600 jobs and 39,800 residents.
The unemployment rate in the region has also declined, according to the report. In September in San Mateo County, the unemployment rate was 3.1 percent, well below the state and nationwide averages of 5.5 and 5 percent.