Developers and Tech Industry Blamed for Bay Area Housing Woes

Apr 09, 2018

Expensive housing is one of the contributing factors that is forcing Facebook CEO Mark Zuckerberg to consider expanding his company’s offices outside of its Bay Area headquarters

The XXL-price tags on real estate coupled with the evaporation of affordable homeownership opportunities in California’s Bay Area is being blamed on local real estate developers and the region’s tech industry, according to a new poll from the Silicon Valley Leadership Group.

CBS San Francisco reports that the new poll found 57 percent of respondents citing real estate developers for the problems facing the local housing market, while 48 percent faulted the tech industry.

“People love having jobs, but all too often it’s as if we don’t think that jobs — people — need a place to go home and sleep at night,” said Carl Guardino, CEO of the Silicon Valley Leadership Group.

The poll also found that local politicians were not absolved from their role in this matter: another 38 percent of survey respondents pegged them for creating the problem. Guardino added that local leaders need to work with the private sector on a solution to the housing imbalance in the Bay Area.

“Instead of pointing fingers, let’s join hands and actually try and solve the housing crisis that’s impacting all of us in the Bay Area and beyond,” Guardino said.

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Phil Hall

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Apr 09, 2018

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