The rapid collapse of Silicon Valley Bank has sent a chill through Silicon Valley, including the real estate industry. Buyers are more hesitant to take on the risk of a new loan, which means properties could be sitting on the market longer than expected. Want to know what happened and how we can avoid another big bank failure? CNN explains.
More than 20,000 workers in the tech sector have lost their jobs in the past 6-8 months, and you more than likely know someone who’s been affected. According to a Mercury News report, open listings are down as much as 53% from pre-pandemic times for software positions and 37% for IT roles. But while some tech giants are downsizing, they’re still bigger than they were before COVID.
In case you hadn’t noticed, it’s getting wet out there. Following a record-setting atmospheric river over the weekend, the Bay Area is about to be hit by another 3-5 inches of rain, 40-60 mph winds, and all the mess that comes along with it.
Get more from SFGate.
If you’re a regular reader of our blog, you’ve probably heard of “housing elements” – plans that every California city need to update every eight years to set goals for housing development based on projected growth.
If that sounds super geeky, well, that’s because it is. But it doesn’t make it any less important, especially if you’re considering the affordability of homeownership in Silicon Valley.
For example, here’s a Mercury News article with a map of where the City of San José would like to build 77,500 new homes in the next ten years.
Ever get tired of slow loading speeds? Some residents in Los Altos Hills did, so they built their own fiber network that they say is 125 times faster than the median download speed in Santa Clara County. The Merc has the story.
