I don’t believe that CA coastal counties (and the most desirable cities within them) HAVE A DUTY to provide “affordable housing” to renters and 1st and 2nd time homebuyers and certainly do not have a duty to provide new construction housing tracts (of all prices ranges) TO ANYONE!
The low and moderate income renter and 1st and 2nd time homebuyer can keep driving inland until they find something to live in that they can afford. If they don’t like what’s on offer after they leave the coastal zone, then move out of county or out of state.
That’s the way its always been.
The SF Peninsula is within the “coastal zone.” Whether all of its tech companies stay or move to TX tomorrow, none of its jurisdictions “have a duty” to provide any type of housing to those looking for it except what already exists. If that is a 1180 sf fixer bungalow circa 1947 with a 350 sf granny flat over the garage in back for $850K, then so be it. Prospective buyers must accept these facts or shop elsewhere.
I don’t buy that SM and SC County real estate will “crash” if their local “tech bubble” bursts. Those cities were humming along quite nicely before Big Tech moved in and and will continue to do so. There are enough VERY established residents (and diversified industries) in most of those small cities as well as a LOT of BIG money and OLD money floating around there (often one and the same) that isn’t going anywhere today, tomorrow or ever. In other words, if the Google buses are off the road, it will just clear the ATV lanes and city bus stops they were using for other drivers.
The tech industry is not the be-all and end-all. I guarantee that SV will survive if all the youngish tech nerds exited it tomorrow.
