PALO ALTO, CALIFORNIA – MARCH 22: Palo Alto City Hall in downtown Palo Alto, Calif., on Tuesday, March 22, 2022. In his State of the City address Wednesday night, Palo Alto Mayor Greer Stone said the city’s housing challenges should be framed as an “affordability crisis” rather than a “housing crisis.”
“Over the past several years, Palo Alto has earmarked $52 million to bolster the production of affordable housing units, a testament to our unwavering commitment to addressing housing needs,” the Palo Alto mayor said. Construction on 231 Grant Ave., a housing project of 110 affordable units for for educators, began last August.
Stone said the reduction in demand for retail space can also be attributed to competition from other shopping districts and oversupply. On the sidelines of the address, Stone said the City Council is currently in dialogue with small business owners to address this issue.
Source: Real Estate Daily Report (realestatedailyreport.net)
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