In fall, the university is also planning to lease the Santa Cruz Holiday Inn on Ocean Street, providing housing arrangements for another 250 students. Since the school is leasing the entire hotel, it will also use the facility as short-term housing for faculty, staff and other visitors. Specific terms of the lease have not yet been disclosed.
Although Santa Cruz is classically a university town, the booming presence of nearby Silicon Valley has made rents largely unaffordable for many students. Typical one-bedroom apartments in the area often market for close to $1,000/month, even in today's slowed-down rental climate, and many say the Valley's influence has made Santa Cruz unaffordable for its student population.
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