San Jose has approved a slew of housing initiatives and incentives including some for office-to-residential conversions downtown to jump-start the construction of thousands of units previously stalled by unfavorable market conditions. Despite the city approving tens of thousands of housing units since 2020, fewer than a third have broken ground, leaving San Jose well behind the state's mandate to plan for 62,200 units by 2031.
San Jose Unified School District advances plans for a 288-unit apartment complex at 760 Hillsdale Avenue, designed specifically for its employees. This initiative addresses the challenge of providing stable homes for teachers and staff amid rising living expenses. The development occupies a vacant parcel next to Highway 87, creating convenient access for those working in the area's education sector. The project targets the missing middle group of workers who earn above limits for many subsidized options yet struggle with market rents.
In October, home prices fell slightly from the month before, with a median listing price of $1,193,694. The number of listings on the market shrank 4.9% from last month, which is a bigger decrease than normal for this time of the year in San Jose, and homes are also selling slower than at the same time last year. Typically, home price per square foot in San Jose tend to fall in October.
San Jose is advancing its housing initiatives with the completion of the environmental report for a townhome project at 5670 Camden Avenue in the Cambrian area. Developer Mana Camden Fund LLC proposes 108 units spread across 32 structures, transforming baseball fields and green space behind Beacon School into residential spaces. This development leverages the Builder's Remedy under the Housing Accountability Act for efficient approvals, including 22 deed-restricted low-income affordable units to support diverse community needs.