Construction Costs Could Limit Where Homes Are Built In San Jose
Construction expenses have pressured developers severely enough that new market-rate apartments are profitable in no more than two districts in San Jose, according to a new report presented to city officials Tuesday. Even worse, downtown San Jose — seen as a cornerstone of the city’s economy — is one of the sections where development of new housing is unlikely to produce profits for developers, a report from real estate consultancy Keyser Marston Associates determined. “The h