As multifamily fever intensifies, the elephant in the room remains: affordable housing. RMKB partner Matt Zumstein says that the issue is being swept under the rug as long as local governments are not meeting the housing needs for vital workers like teachers, cops and firefighters. The main obstacle seems to be land-use restrictions; Redwood City, for instance, now has height restrictions on buildings, and in San Francisco, there’s a proposed moratorium on building in the Mission. What happens when this happens? The market value increases due to lack of housing, and prices increase beyond sanity. The can continues to get kicked down the road, but soon that road will present a fork: 2.4 million more people are flowing into the Bay Area in the next three decades, not all of them trust fund babies, and they are going to have to live somewhere. For more information on our Bisnow partner, click here.
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