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This memorandum presents a status report on the balance of multifamily rental housing in San José, focusing on the gains and losses in restricted affordable and low-cost housing stock relative to city demographics. It outlines the findings of a report that analyzes the city's multifamily rental housing stock, including market-rate, rent-restricted, and rent-stabilized housing, and highlights the importance of housing production and preservation to meet the needs of residents.
Key points
Privately owned rent-stabilized or rent-restricted units comprise 63% of the city's multifamily rental housing stock.
In 2024, there were no starts of market-rate multifamily rental housing, while rent-restricted affordable housing units increased significantly for extremely low-income residents.
Only 87 units lost their affordability restrictions in the last five years, indicating a need for continued investment in unit preservation.
The report emphasizes the need for more housing production for extremely low-income renter households, which number over 34,000 in San José.
The Housing Department aims to improve tracking of local housing stock data to better inform policy and investments.
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COMMITTEE AGENDA: ITEM: TO: COMMUNITY AND ECONOMIC DEVELOPMENT COMMITTEE SUBJECT: Multifamily Rental Housing Balance Status Report Approved 5/19/25 (d)1 FROM: Erik L. Soliván DATE: May 5, 2025 Date: 5/12/25 RECOMMENDATION Accept a status report on the balance between gains and losses in restricted affordable and low-cost housing stock relative to city demographics as included in Strategy I-4 of the Housing Element. BACKGROUND In January 2024, the State of California Department of Housing and Community Development (HCD) certified the City’s Sixth Cycle Housing Element. Included in the Housing Element is Strategy I-4, which is to create a Housing Balance Report (Report) on the City’s multifamily rental housing stock. 1 The purpose of the Report is to provide data and an analysis on San José’s multifamily rental housing stock and identify whether the different types of housing across the income scale are meeting the needs of all residents. It establishes a baseline for the City’s multifamily rental housing stock through analysis of past performance, current status, and objectives looking forward. ANALYSIS The Report analyzes the balance of the City’s multifamily rental housing...
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The Multifamily Rental Housing Balance Report for the City of San José analyzes the existing multifamily rental housing stock, focusing on location, unit types, and affordability levels. Key findings include that 63% of the multifamily rental units are rent-stabilized or rent-restricted, zero market-rate multifamily units were started in 2024, and only 87 units lost affordability restrictions in the last five years. The report categorizes the multifamily rental housing into market-rate, rent-stabilized, and income-restricted units, providing data on their distribution across city council districts and trends in housing production and preservation. It also outlines the city's housing production goals and the need for continued investment in affordable housing.
Key points
63% of the multifamily rental housing stock consists of rent-stabilized or rent-restricted units.
In 2024, there were zero starts of market-rate multifamily rental housing.
Only 87 units lost their affordability restrictions in the last five years.
The report categorizes multifamily rental housing into market-rate, rent-stabilized, and income-restricted units.
Council Districts 1, 3, and 6 contain the majority of rent-stabilized units.
Over 34,000 extremely low-income renter households exist in San José, indicating a need for more affordable housing production.
The City has a total housing production goal of 62,200 units between 2023 and 2031.
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Attachment Multifamily Rental Housing Balance Report City of San José May 2025 Table of Contents 1. Overview ............................................................................................................. 3 A. Analysis ............................................................................................................... 7 Market-Rate .............................................................................................................. 7 Rent-Stabilized under the Apartment Rent Ordinance .............................................. 8 Income-Restricted..................................................................................................... 8 B. Looking Ahead .................................................................................................. 10 Housing Department’s Production Dashboard ........................................................... 11 PBCE Tracking 6th Cycle Regional Housing Needs Allocation Goals......................... 11 2. Appendix ........................................................................................................... 13 Methodology...
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The Housing Balance Status Report analyzes the multifamily rental housing stock in San José, detailing the distribution of market rate, rent stabilized, and income restricted units. It highlights the characteristics of the housing stock, including location and affordability levels, and discusses the current state and future outlook of housing production and preservation efforts.
Key points
Total multifamily rental units in San José: 96,526.
63% of the total multifamily rental housing stock is comprised of rent stabilized and income-restricted units.
No significant market-rate housing starts in 2024; affordable production focused on extremely low-income units.
San José has met 12% of its restricted affordable housing production goals and 6% of its market-rate housing production goals by the end of Year 2 of the 6th Cycle Housing Element.
Over 2,000 income-restricted affordable units were under construction at the end of 2023, with 1,336 projected to come online in 2025.
The City has preserved and extended affordability on 285 units in the past 11 months, with 11 more deals in process for 702 units.
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HOUSING DEPARTMENT Housing Balance Status Report Community and Economic Development Committee May 19, 2025 Item d(1) Erik L. Soliván Housing Director Purpose of the Housing Balance Report (for Multifamily Rental Housing) • Analyze City’s Multifamily Rental Housing Stock Market Rate Units Rent Stabilized Units Income Restricted Units • Identify Housing Stock’s Characteristics Location Unit types Affordability levels • Look forward 2 Housing Continuum Board & Care Beds [County] Interim Housing Tiny Homes Prevention Congregate Shelter Beds [County] Safe Sleeping & Parking [City] Unit Preservation Preservation Lived in Cars & RV Unhoused Outreach Encampment Resolution Interim Housing Hotels Hoteling & Congregate [City] Rent Subsidized & Restricted PSH Units Home Market Rate Subsidized Units Homeownership Ownership Rent Stabilized 3 Multifamily Market Segments Number of Units Percent of Units 1) Market Rate Rental Multifamily Units 35,682 37% 2) Rent Stabilized Rental Multifamily Units (ARO) 38,421 40% 3) Income Restricted Affordable Rental Multifamily Units 22,423 23% Total Multifamily Rental Units 96,526 100% Total Housing Units in City of San José 342,037 Multifamily...