Residents in San Jose California are currently battling their local school district that is planning on relocating two schools to build affordable housing. Many of these homeowners are arguing that this move will hurt their home’s value.
A petition has been put together on Change.org that has gathered over 4,700+ signatures to voice against the San Jose Unified School District’s decision. Leland High School and Bret Harte Middle School will be relocated in ordered to construct low-cost housing units for school employees.
Some of the homeowners in the area are arguing that this move will impact the overall aesthetics of the area and would cause home prices to drop. Since there have been changes in the market, many fear this may completely hinder their property’s value.
The school district officials argue that affordable housing is in critical need. They mentioned that they’re currently recruiting roughly 200 teachers each year and are struggling to house them within Santa Clara County due to the high cost of living.
According to Deputy Superintendent Stephen McMahon, “We’re losing dozens when they find out the cost of living.” Although we’re seeing a market slowdown, sold prices have only seen slight reduction. The Silicon Valley continues to top the list as one of the most expensive cities in America.
The current median rent in San Jose is $3,440 which is twice greater than the overall median national rent. The cost of rent has increased 3.5% year over year as of August. The overall residents that rent has increased from 38.2% to 43.1% in 2016.
Homeowners within the area are urging for change, but many are seeking help by hiring real estate professionals to evaluate their properties. Those that were on the wall are finally committing to list their properties to avoid any uncertain future with the November Mid Terms and current Real Estate Market.
For more information on what your San Jose property’s current market value is, contact us today through our forms below, or give us a call at (408) 703-5375. Arthur & I would love to provide our assistance to clear any uncertainty and help you establish a confident decision.