Santa Clara County Association of REALTORS® (SCCAOR) Announces the Support of Transit-Oriented Development Opportunity Housing

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San Jose, Calif., Oct. 01, 2021 (GLOBE NEWSWIRE) -- The Santa Clara County Association of REALTORS (SCCAOR) announces the support of Transit-Oriented Development Opportunity Housing.

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GlobeNewswire, Inc.

Retrieved on:

Friday, October 1, 2021

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Transit-oriented development, Policy, Research, Network affiliate, Association, Urban density, GLOBE, TOD, Urban village, Growth, Housing, Federal Transit Administration, Leadership, San Francisco Bay Area, City, Renewable energy

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SAN JOSE, SAN JOSÉ, CITY OF SAN JOSE, CALIFORNIA

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SANTA CLARA COUNTY ASSOCIATION OF REALTORS®

Summary

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San Jose, Calif., Oct. 01, 2021 (GLOBE NEWSWIRE) -- The Santa Clara County Association of REALTORS (SCCAOR) announces the support of Transit-Oriented Development Opportunity Housing.
In accordance with the California Association of REALTORS support of SB 9, a bill signed into law by Gov.
Research shows residents support ownership opportunity housing and TOD opportunity housing.
The Santa Clara County Association of REALTORS (SCCAOR) is made up of over 6,000 REALTORS and 400 Affiliates in and around the Bay Area.

San Jose, Calif., Oct. 01, 2021 (GLOBE NEWSWIRE) -- The Santa Clara County Association of REALTORS® (SCCAOR) announces the support of Transit-Oriented Development Opportunity Housing. In accordance with the California Association of REALTORS’ support of SB 9, a bill signed into law by Gov. Gavin Newsom in September to address the housing crisis, SCCAOR supports a smart growth approach to densify neighborhoods. Densification around transit corridors, or Transit-Oriented Development (TOD), is a smart growth approach that provides for greater homeownership opportunities while alleviating traffic and parking concerns.

Doug Goss, President of the SCCAOR Board of Directors, states, "A City of San Jose Opportunity Housing policy focused around transit corridors, in conjunction with SB 9, creates a smart growth approach to increase supply and homeownership opportunities.” SCCAOR is very supportive of the Urban Village concept to densify San Jose through smart growth to make a legitimate impact on our region’s housing crisis. We do not want to see a general Opportunity Housing Study detract from the City’s Urban Village progress. Instead, we want the City of San Jose to support policies that incentivize new housing in collaboration with enhanced transit design guidelines as part of a TOD Opportunity Housing proposal.

According to the Federal Transit Administration, focusing growth around transit stations provides many benefits, including a larger supply of affordable housing and congestion relief. SCCAOR supports more affordable forms of homeownership to uplift underserved communities and considers homeownership as the best way to create housing stability, bridge the wealth gap, and create generational wealth.

As part of the smart growth approach, SCCAOR is supportive of the following stipulations in SB 9:

Applicants cannot destroy more than 25% of the existing parcel and must preserve local design guideline standards
Lot-split applicants must owner-occupy one of the parcels for at least 3 years

However, SCCAOR does not support any up-zoning policy with restrictions that prohibit recently rented properties from utilizing the opportunity housing proposal. Instead, we support a rent-to-own or condo conversion policy that provides affordable ownership opportunities for current tenants in our community.

SCCAOR supports a Transit-Oriented Development Opportunity Housing proposal that provides for greater homeownership opportunities. Research shows residents support ownership opportunity housing and TOD opportunity housing. A TOD works in collaboration with new statewide laws to create a better City of San Jose for everyone while protecting and preserving our great neighborhoods.

The Santa Clara County Association of REALTORS® (SCCAOR) is made up of over 6,000 REALTORS® and 400 Affiliates in and around the Bay Area. SCCAOR offers leadership, educational, political, and networking opportunities and exists to meet the business, professional and political needs of its members and to promote and protect private property rights.

To learn more, visit www.sccaor.com/residential-upzoning-policy.

Ammal Elhaddad
Santa Clara County Association of REALTORS®
(408) 445-5095
[email protected]