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. Our ability to attract and keep the best talent in Silicon Valley makes more affordable high tech centers such as Austin, Denver, and Boston more attractive for key employees. Low-income families become even more destabilized. Homeless families cannot break the cycle of homelessness by obtaining stable housing, increasing the economic strain on community and government services agencies.