When gold was discovered in 1848 in the Sierra Nevada foothills, the trickle of immigrants from the eastern states and abroad became a flood. As many of the earlier Mexican and Californio landowners sold off their land, lost it to squatters, or were dispossessed through title hearings, the area around San Ysidro became known as Pleasant Valley. On March 12, 1870, it was officially incorporated by the state legislature as the town of Gilroy (John Gilroy had died in 1869). By then the town center had been relocated west of the El Camino Real (Old Gilroy is today a sparsely populated agricultural area). Cattle ranching and timber from the nearby Santa Cruz Mountains were important to the economy for some time but, as in the rest of the valley, agriculture was the town's greatest source of income. Farming remains significant, but in the 1970s the city began evolving into a bedroom community for Silicon Valley to the north.