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Report regarding a Study Session on Senate Bill 50 (Wiener): Planning and Zoning: housing development incentives. (Christina Fernandez, Assistant to the City Manager)
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RECOMMENDATION
Recommendation
This item is informational only.
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BACKGROUND/DISCUSSION
San Mateo County's median home price of $1.3M continues to top nationwide lists as one of the most expensive counties to purchase a home. The average rent in San Mateo County is $3,453 for a two-bedroom apartment and $2,695 for a one bedroom. The median monthly mortgage payment in the United States is $1,030. In order to rent a home in San Mateo County, a renter needs to earn at least $114,823 a year to afford a typical 2-bedroom apartment, making it difficult for median income families to afford to live in San Mateo County. Only 24% of San Mateo County residents can afford to purchase an entry level home. That is lower than the Bay Area's average of 39% and the United States average of 71%.
It should come as no surprise that Bay Area residents found housing costs to be the top problem facing the region, with 46% of Bay Area Council poll respondents indicating they were likely to leave the Bay Area in the next few years.
The Bay Area is rich in jobs and poor in housing. Between 2010 and 2017, San Mateo County has created 83,000 new jobs while only building 7,100 new housing units, a 12:1 ratio. Up until a few years ago, the ratio was 16:1 so there has been progress made, however a Jobs: Housing imbalance remains.
South San Francisco Housing
South San Francisco's Regional Housing Needs Allocation (RHNA) estimates the City will need 1,864 units. The Housing Element does not require that these units are built during the allocation cycle, but it does require a City to have zoning in place to ensure that RHNA allocation can be constructed. The City has issued 264 building permits for new residential units. Forty permits were finalized this year and included the closeout of several units wit...
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