Eric Risberg/AP
- City officials approved the construction of a $ 4 billion development project just blocks away from Apple Park, the company’s new headquarters.
- The project was stalled for years due to concerns about congestion, traffic, and declining home values.
- The approval could set a precedent for future affordable housing proposals, including a $ 29 million initiative in San Francisco’s Mission District.
For two years, Cupertino residents have warred over a possible solution to the Bay Area housing crisis. In 2014, developers began working on a plan to transform a now-vacant mall into a $ 4 billion mixed-used development, located just a blocks away from Apple’s new headquarters in the Silicon Valley.
As the never-ending arrival of tech workers places a strain on available housing stock, many have advocated for greater housing density in the area. In 2017, Silicon Valley’s median home value reached an all-time high of $ 1 million — more than double the values in places like Seattle, Boston, and New York City. In Cupertino, the average price is even higher: more than $ 2 million per home. See the rest of the story at Business Insider
NOW WATCH: One bite from this tick could ruin red meat for the rest of your life
See Also:
- Jeff Bezos could be the first ‘woke’ billionaire philanthropist — but only if he’s willing to help solve the problems he’s created
- We tasted the first lab-grown sausage made without slaughtering any animals — here’s what it was like
- Hurricane Florence has brought torrential rain, wind, and floods to the Carolinas. Here’s how you can help the victims.
