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San Jose recognizes the importance of real estate development in fostering economic growth and wants to create great policies that will ensure responsible and profitable construction, the city's Office of Economic Development business development officer Reena Brilliot (left with Paulino Tina) told a packed Bisnow audience at our Silicon Valley event last week.
Her talk began with a summary of real estate development in the recent past. Since the end of the Great Recession, construction has returned, she said. Nearly 9,700 building permits have been approved, of which the vast majority are multifamily, she said.
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San Jose’s general plan calls for the creation of urban villages at 70 key areas across the city. The city hopes to attract young professionals and older couples to build communities.
To mitigate the negative aspects of development, she noted the city hopes to keep in place an affordable housing fee.
