San Jose has authorized over $10 million in tax and fee waivers for two housing projects, aimed at stimulating development in response to stagnant market rates caused by high interest rates. The city introduced a new incentive program to alleviate financial burdens on developers, allowing fee waivers for the first 1,800 units in designated growth areas. However, San Jose is struggling to meet a state mandate to create 62,200 new housing units by 2031, as last year's permits totaled under 2,700, far below demand. The new incentives are seen as vital in unlocking a stalled development pipeline.
San Jose leaders have approved over $10 million in tax and fee waivers for new housing projects as part of a strategy to combat economic challenges stalling development.
With zero new construction starts for market-rate multifamily developments over 20 units last year, the City Council created a new incentive program to spur action.
Federal Realty senior vice president Patrick McMahon expressed that the multifamily housing incentive program is a significant lever that allows projects to advance now.
San Jose needs to plan for 62,200 new housing units by 2031, yet has pulled less than 2,700 permits, indicating a significant production shortfall.
Collection
[
|
...
]