The housing crisis in Santa Clara County and Silicon Valley at-large is so critical that it has drawn national attention. Six thousand of them were children. Poll after poll indicates that housing is the number one issue on the minds of residents and local businesses. The Silicon Valley Manufacturing Group commissioned an in-depth study that quantified the housing needs in the County, suggested affordable housing production goals and analyzed mainstream and alternative revenue sources. Since 1990, rents have increased at a rate more than double that of median household incomes.
Affordable rentals give young workers a reason to stay in Silicon Valley.
Vacancy rates are below both US and California averages. Thousands of middle income families are profoundly effected by the problem. Employees move farther from their jobs to be able to have decent housing or attain home ownership. The result is longer commutes and larger percentages of income utilized for transportation. Santa Clara County risks losing its economic edge as well as the high quality of life that makes the region so attractive for employee and employer alike.