The Skyline View

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Development booms in the Bay Area

Apartments+and+office+space+being+built+at+181+Fremont+St.+San+Francisco+on+March+11%2C+2016.
Apartments and office space being built at 181 Fremont St. San Francisco on March 11, 2016.

Apartments and office space being built at 181 Fremont St. San Francisco on March 11, 2016.

Kevin Perez/The Skyline View

Kevin Perez/The Skyline View

Apartments and office space being built at 181 Fremont St. San Francisco on March 11, 2016.

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Over the past few years, development in the Bay Area has been booming. High tech companies, dense housing structures, and transit oriented living communities have enticed people all over the world.

The increase in population and businesses have created a boost in the local economy and real estate investments. By reducing local unemployment, this directs the idea that booming development is beneficial to the Bay Area and those who reside there.

Some residents are against expansive development in the Bay Area though, complaining that it causes economical issues such as overpopulation, traffic, and a housing market that is unattainable for the average wage earner. While these topics may be true and are caused by the influx of development, they are a small price to pay in comparison to the benefits that the development brings.

Because the Bay Area and specifically Silicon Valley are hubs for technology, many tech companies have come to settle here, in addition to a portion of employee locals.

These tech companies are not employing in small numbers either. Google, which is headquartered in Mountain View, employs more than 57,000 people full-time, according to Business Insider.

Also according to Facebook, headquartered in Menlo Park, they employ more than 12,000 people. These companies help boost the local Bay Area economy in a larger aspect, due to the large amount of people they employ. By hiring in large numbers, the local unemployment rate drops and these individuals are on their way to earning enough money to invest in the local real estate market.

Aside from Google and Facebook, a good amount of tech companies call the Bay Area home. Some of these establishments include Netflix, Apple Inc., GoPro, Intel, and eBay. These companies appeal to young professionals not only for work, but their presence in the area makes it a desirable place to live. This has caused a surge in the housing market and development.

Although there has been an increase in prices of current homes, newer homes are being built, due to the recent high demand in residency. A real estate investment company called Wilson Meany, the Bay Meadows community of San Mateo, which is in its second phase of development, will be adding 1,000 new homes to the community when the project is complete.

The new homes and communities, which include residential and commercial space, are located in mixeduse buildings. Many of these communities are also transit oriented, which is greatly desired by the residents for convenience. Although there will be an increase in residency and and traffic, numerous job possibilities in high tech companies will be at residents’ fingertips.

Real estate investments here will continue to grow, and people can live in a brand new transit oriented community. The favored area lies between San Francisco and San Jose, two diverse cities, with many opportunities and activities, including a wide selection of restaurants and dining.

From a bigger aspect, the large population and traffic are truly a small price to pay while living in one of the most preferred locations in the country.

 

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The student news site of Skyline College.
Development booms in the Bay Area