When Mayor Chuck Reed met with local developers and real estate brokers earlier this year, he was told that they were holding off on construction. The reason, they explained, was that the rules for affordable rental housing were too ambiguous and not conducive to development. The Mayor took this to heart. He instructed city officials to review the rules and streamline them to make them more developer-friendly, believing this would boost construction in the city. City Council has now voted to adopt the new rules, and anticipates a new construction boom in the city.
“I’m looking forward to seeing some groundbreaking and lots of people wearing hard hats over the next year,” said Reed. He anticipates that new projects will put at least 8,000 people to work in construction, but also that it will lead to at least $1 billion dollars in private investment in the city. City Council also expects that new tax revenues resulting from the project could bring in as much as $10 million in tax revenues for San Jose.
Read More at CBS 5.