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32 <br /> <br />San Leandro is more affordable than other East Bay communities, but has <br />experienced dramatic swings in housing costs in the last 15 years. Between 2001 and <br />2006, the estimated market value of a single family home in the city nearly doubled, <br />rising from $330,000 to $582,000. San Leandro was severely impacted by the real <br />estate depression in the 2008-2011 period and saw its median home value plummet <br />to $310,000 in February 2012. Prices have risen steadily since that time. As of 2016, <br />the median value was $539,000. <br /> <br />Rents did not decline as steeply as home prices during the downturn and have <br />increased at an accelerating rate during the economic recovery since 2012. The <br />median rent for a one-bedroom apartment rose from $1,000/month in October 2011 <br />to $2,100 in October 2015. Roughly 55 percent of the dwellings in San Leandro are <br />occupied by owners and about 45 percent are occupied by renters. <br />The Association of Bay Area Governments (ABAG) projects that the Bay Area’s <br />population will increase by 2.1 million residents between 2010 and 2040. ABAG and <br />the Metropolitan Transportation Commission (MTC) envision fundamental changes <br />in where this growth occurs, with most of it taking place in cities at the center of the <br />region rather than communities on the suburban fringe. ABAG’s Plan Bay Area <br />forecasts for San Leandro indicate the city will add 7,600 new households between <br />2010 and 2040. This General Plan accommodates this growth, primarily through infill <br />and redevelopment of underutilized parcels. San Leandro’s Community Development <br />Department, Engineering and Transportation Department, and Building Department <br />have carefully accessed the possible effects of redevelopment on existing city <br />resources, and how it could affects the City’s vulnerability, and found no further tax <br />on resources than with current development. <br />71