HOUSING DEPARTMENT
Housing Balance Status Report
Community and Economic Development Committee
May 19, 2025
Item d(1)
Erik L. Soliván
Housing Director
• 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 Purpose of the Housing Balance Report
(for Multifamily Rental Housing)
Housing Continuum
Unhoused
Outreach
Encampment
Resolution
Lived in
Cars & RV
PSH Units
Rent Subsidized
& Restricted
Rent Stabilized
Market Rate
Units
Subsidized
Homeownership
Home
Ownership
Board & Care Beds
[County]
Safe Sleeping & Parking
[City]
Congregate
Shelter Beds [County]
Interim Housing
Tiny Homes
Unit
Preservation
Preservation
Hoteling & Congregate
[City]
Interim Housing
Hotels
Prevention
3 Multifamily Market Segments
Multifamily Rental Segment Types 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
Percent of Total Housing Units - Rent Stabilized or Rent Restricted 17.7% 4 Multifamily Segment Type by Council District
5 Restricted Affordable Stock and Changes by Council District 6 • Stability
Rent stabilized and income-restricted units comprise 63% of the total multifamily rental housing stock.
• Production
No significant multifamily rental market-rate housing starts in 2024. Affordable production has focused on extremely low-income units. • Preservation
As more income-restricted units term out of the affordability periods, more investment in the preservation of the stock is needed.
Key Takeaways
7 • Progress to Date
At the end of Year 2 of the 6th Cycle Housing Element, San José has met:
– 12% of its restricted affordable housing production goals. – 6% of its market-rate housing production goals.
• Long-term Affordability
At the end of 2023, over 2,000 income-restricted affordable units were under construction. – 1,336 affordable units projected to come online in 2025, including 67 permanent supportive housing units.
• Preservation Investments
In the past 11 months, the City preserved and extended affordability on 3 existing affordable housing deals (285 units).
11 more preservation deals in process (702 units).
Affordability restrictions for nearly 1,200 income-restricted units could expire by 2029 if no actions are taken.
Looking Forward
8 HOUSING DEPARTMENT
Housing Balance Status Report
Community and Economic Development Committee
May 19, 2025
Item d(1)
Erik L. Soliván
Housing Director