BAC POLL: ECONOMIC CONFIDENCE SLIPPING; GENERATIONS DIVIDED OVER HOUSING
The Bay Area Council is responding to recent results of our Bay Area Council Poll that show economic confidence slipping as the region’s epic housing and traffic crises take a serious and growing toll on residents. Confidence in the Bay Area economy sunk to its lowest level in four years, according to results released last Saturday (April 1). The Bay Area Council Poll found just 24 percent of those surveyed think the economy will be doing better six months from now, down from 50 percent in 2014. Millennials (18-39) showed less confidence in the economy than older generations.
Poll results released on Sunday (April 2) found that older Bay Area voters who have lived here the longest and own their home are far less likely to support building new housing compared with millennials (18-39), those who rent, and those who have lived here the shortest time and are feeling the worst pain from the region’s housing shortage and affordability crisis. Still, the poll found that 70 percent of millennials support building new housing in their neighborhood, compared with 57 percent of respondents aged 40-64 and a similar number aged 65 years and older. Overall, 62 percent of Bay Area residents support building new housing in their neighborhood.
The Council is working to leverage the growing angst over housing and traffic and changing attitudes about new housing to address these issues. The Council is building on the successful passage of legislation last year to ease the path for in-law units that we estimate could add up to 150,000 new affordable units. We’re working to grow awareness of the new opportunity to build in-law units and develop financing mechanisms to help homeowners pay for them. We’re also continuing our work at the statewide level to win broader housing streamlining reforms. To engage in our Workforce Housing Committee, please contact Senior Vice President Matt Regan.