SAN JOSE, Calif. (KGO) —
If you’re waiting for our Bay Area housing prices to drop, a new report says don’t hold your breath.
You will not believe how many years UCLA says it’ll take for our housing prices to roll back.
The San Jose mayor told ABC7 News there’s no more land, and it’s time to build up. In downtown San Jose and in South San Jose, that’s what they’re doing, but really it’s just a drop in the bucket.
So much more is needed to see just a small drop in housing prices and that’s according to the latest UCLA Anderson Forecast.
Our media partner, the Bay Area News Group took a look at the housing data. Researchers found a 20-percent increase in the current level of home building that is needed to achieve even a modest 10 -percent drop in prices. That means Santa Clara County would need about 129,000 new housing units to reach that number.
The East Bay would need to build around 199,000 new homes, San Francisco would need to increase the housing supply by almost 77,000 units, and San Mateo County would need to increase by more than 54,000 units. All of this would take anywhere from 14 years to 36 years to do complete at the current pace.
A $4 billion housing bond measure will be on the ballot in 2018, but even if voters approve it that likely won’t change much for you in the short term.