The San Jose Unified School District will ask voters to approve a $60 million general obligation bond for affordable teacher and staff housing in one of the nation’s most expensive real estate markets.
San Jose teachers are finding it next to impossible to secure homes near work. The average rent for an apartment in San Jose is now around $2,762. The average unit is around 885 square feet.
If approved in March, the ballot measure would support construction of a 100-unit apartment complex for teachers and staff on school district property. EdSource reports that teachers would pay 70% of what comparable properties are going for in the area. They could live in their apartments for 5 to 7 years.
“The bond would cost homeowners about $2.70 per $100,000 of assessed value of their property annually, or $13.50 for a property valued at $500,000,” per EdSource. It requires 55% approval to pass.