"...when you look at (home) prices relative to income, it's completely insane."

The quote above is from an economist saying existing home prices have to fall because they're priced out of reach of people's income.

This just further supports our argument that Coyote Valley's Draft Fiscal Analysis was fatally flawed in assuming housing prices (and resulting tax revenues) will go up 2% faster each year than income, every year for 57 years. The economist linked to above says the ratio between housing costs and income is already unsustainable. To think this unsustainable ratio could be made much, much worse, and then sustained at that level for decades is simply ridiculous.

This is why we think it's wrong for San Jose to hire analysts that were already selected and hired by developers to do an analysis of the developers' project.

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Coyote Valley at San Jose City Council and in Wikipedia

I was at San Jose City Council late last night, trying to save the riparian zone of Calabazas Creek from a Duckett Way development that was using loopholes to bust the City's 100-foot buffer policy (we were mildly successful).

Since I was there anyway, though, I took advantage of the Open Forum to announce that City staff had informed me that they didn't plan to respond to our criticism of the Draft Fiscal Analysis for Coyote Valley. I said it was critical that the City respond, because the analysis was flawed and the project jeopardizes the City's finances. We'll see what happens, but at least the City Council now knows about it.

And thinking about the subject made me decide to update the Wikipedia entry for Coyote Valley to include the fiscal analysis issues.

We're getting the word out!

-Brian

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