Silicon Valley job boom unleashes challenges that could choke growth - San Jose Mercury News: "That's because roughly 59,900 housing units were added from 2007 through 2015 in Silicon Valley, but 100,300 housing units were needed during those eight years to maintain the ratio of 2.7 persons per household, the study determined. To reduce the ratio of persons per household to 2.65, the region would have needed to create 124,700 housing units.
This means that Silicon Valley suffers a shortage of 40,000 to 65,000 housing units to meet the needs of the new workers and residents in the region, the study suggested.
The trends also pose hazards to the region's economy.
"This can choke off growth," Levy said. "Home prices are rising, people are doubling up in homes, and they are driving further. It can get to the point where job growth will slow."
That could happen if employees simply can't find housing near their workplaces.
"The cost of living and the cost of housing puts a squeeze on employment growth and overall economic growth in the Bay Area," said Jeffrey Michael, director of the Stockton-based Business Forecasting Center at University of the Pacific."
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