Background
In the San Francisco Bay Area, between the mid- and late- 1990’s, the bustling information economy brought multitudes of young people to the Bay Area and Silicon Valley’s technology-inspired new economy. Housing was notoriously difficult to find, with vacancy rates at less than 2%. During this period, average rents increased by 30% and the cost to buy increased dramatically. Although the economic recession triggered by the dot-com bubble brought the city’s vacancy rates to pre-boom levels, the Bay Area continued to encounter pressure for new housing development due to extraordinary levels of unmet demand and its high profitability. This phenomenon occurred elsewhere in California and throughout the country, in both urban and suburban settings.
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