In the wake of Palo Alto planning commissioner Kate Vershov Downing’s resignation and open letter about the state of the Bay Area’s housing market, Palo Alto Mayor Patrick Burt has suggested in an interview with Curbed SF that the rate of job growth in Palo Alto and Silicon Valley has to be restrained in order for home prices to fall.
Burt pointed out that that 2,500 below market-rate units have been delivered in Palo Alto over the past decade. “Palo Alto’s greatest problem right now is the Bay Area’s massive job growth. Cities are still embracing huge commercial development with millions of square feet of office space they can’t support. They’re chasing their tails. We started reining in office growth and put a cap on it. And then we began expanding housing in our downtown areas, which we’re in the process of,” Burt said.
Burt has also criticized Downing’s use of her own home as an example. “Kate Downing wants a starter home in Palo Alto to be a four-bed, two-bath, single-family home,” he said.