The housing crisis in the Bay Area isn't getting any better—and a housing construction crisis appears to be getting worse.
Housing construction is grinding to a halt in the Bay Area, with what appears to be a complete freeze developing in Silicon Valley. No apartment projects with market-units broke ground in Silicon Valley in Hi 2023, according to CoStar data, a drop from nearly 5,300 units that were started in the prior six months.
The construction halt in Silicon Valley is the leading edge of a sharp drop-off in multifamily construction across the Bay Area.
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