Making It in the Bay

New homes open for for low-income residents, young adults in San Jose

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The latest housing stats show what has been locally known for years -- the Bay Area needs more homes fast and some new housing opened up just Wednesday.

The 46 homes are now open for residents at Mesa Terrace in San Jose.

Homes that are trying to make a dent in the city’s housing shortage, and help residents like Kevin Collins.

"We don't have to be ashamed to invite people over,” he said. “We can have guests, barbecues, we can be proud to come into our places."

The development focuses on low-income residents, and young adults who have just left the foster care system. It comes at a time when the local housing market is stagnant.

"They're going to have an opportunity to go to school, and their children will go to high-resource schools, and have a wonderful backyard to enjoy,” said Supervisor Sylvia Arenas.

Zillow says new listings are down by nearly a quarter, thanks to high prices and mortgage rates. Over the last month, that scarcity has lifted prices across the Bay Area.

This week a new report by Compass shows that in San Mateo county, the median price for home is nearly $2 million – the highest in the Bay.

While the median price for a San Francisco home is $1.63 million.

San Jose Mayor Matt Mahan says housing development like these will alleviate some of the pain for some of the people.

"Ultimately the path to something better," he said.

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