“San Jose has most definitely been impacted by the housing slowdown,” says city of San Jose senior planner Michael Bills. “In fiscal year 2006-07, we issued 3,214 permits for new residential units. In fiscal year 2007-08, which we’ve just completed, we issued 1,545.
“We’ve seen a significant slowdown, and it’s hard to tell at this point whether we’re going to slow down even more. Historically, our weakest year was 1982, during the low point of the recession, when we did 1,534 units. If it gets any slower, we’re going to break that record.”
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