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MONDAY MEMO Governor's Executive Order Critical Benefits to Small Businesses Small Business Development In the City Check Enforcement Program Reduce the Impacts South County Economic Development Council Briefings Water Authority Strain on Treated Water Supplies Parking Downtown Made Easier |
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UPCOMING EVENTS 04/06 New Member Reception 04/14 Technology Seminar 04/18 Get Connected Breakfast 04/21 Breakfast With Congressman Duncan Hunter 05/19 Small Business Awards Luncheon |
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CHAMBER CONNECTION The Chamber is Now Forming New Business Alliance Groups! Click Here to Sign Up Today Business Alliance Celebration Excellent Networking The Chamber Offers a Portfolio of Benefits Find out now! Workers' Comp Save 5 percent today |
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FEATURED MEMBERS House of Blues Creative Options for Business Meetings Grace Hollis Reliable Legal Advice Improve Tradeshow and Marketing Results Free Seminar on May 3 Negotiating What You Want Free Class on April 25 GEVITY Outsourcing Company that Helps You Increase Profits In-N-Out Burger Supports National Child Abuse Prevention Month Joe Detmer Helps You Find a Premier Mortgage NCTD Helps Seniors Stay Mobile United Education Institute Open House Voice of San Diego Name Change The California Endowment Center for Healthy Communities DCA Media Solutions High Quality Products Cox Leadership Invest in You Angela Brannon Awarded the Channel 10 Leadership Award Financial Growth Strategies Seminar April 25 |
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An Opportunity to Reverse the Housing Trend Michael Nagy Public Policy The downturn in the San Diego Region's housing market may start to sound more like the hissing of a slow leak rather than a pop of a bursting bubble. The general consensus of organizations, like the California Association of Realtors and the National Association of Home Builders, indicate that San Diego's red hot housing may begin to cool down due to the lower volume in home sales, the decrease in the production of new homes and the growing inventory of unsold homes. But at what point will the region begin to focus less on the leak and begin to reverse the trend of housing unaffordability? Regardless of the expected downturn, the region's home prices remain unattainable for a majority of San Diegans. The California Association of Realtors listed San Diego's Housing Affordability Index (HAI) at 9 percent last December. Meaning, that only 9 percent of San Diegans can afford to purchase a median priced home in the region. San Diego's median price remained stable at $605,600 in January in spite of a 20.2 percent decline in home sales from the previous year and a growing inventory of 15,842 unsold homes in March. Many experts predict the region's home prices will decline somewhere between 5 to 10 percent this year, but many San Diegans will still remain priced out of the region's market. In spite of the recent decline in sales volume, home prices continue to increase around the region. The Union Tribune recently cited data from the state's Department of Finance that 12,389 more people left than entered the county last year, triggering the slowest growth in the region's population in some time. So what does this mean? It means the status quo cannot continue. It means that San Diegans will spend more time in traffic as more commuters flow in and out of the region. It means that most of the children who were raised here will eventually move elsewhere because they cannot afford to live in the region they grew up in. It also means employers who cannot attract entry and mid level workers because of home prices may look elsewhere to relocate or expand their businesses. The region's elected officials, businesses, and population should not hope that a decline in home prices alone would reverse the trend of home unaffordability. The reality is that for-profit and non-profit builders both find it very difficult to build units because of community opposition, burdensome regulation, a lack of developable land and insufficient subsidies. Some builders already have moved projects elsewhere because of these obstacles. The region's elected officials can improve affordability by instituting long-term policies that increase homeownership and reduce mandates that increase costs and delay the production of housing of all types in the region. |
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Small and micro businesses are the greatest strength of our regional economy, leading the way in innovation and bringing new ideas and services to the marketplace. Let's celebrate those who contribute the most. Don't miss this exciting tribute to small businesses! Brought to you by: North Island Credit Union When: Friday, May 19 Business Exchange & Showcase Tabletop Exhibit 9:00 - 11:00 a.m. Reception, Registration & Networking 11:00 - 12:00 p.m. Awards Luncheon & Program 12:00 - 1:30 p.m. Where: San Diego Marriott Hotel & Marina - Marriott Hall 333 West Harbor Drive, Downtown San Diego Cost: Patron Table Sponsor - $950 Table of Ten - $700 Business Exchange Tabletop Display - $250 Individual Luncheon Reservations - $75 In Conjunction with: AT&T, Merrill Lynch, The Daily Transcript and YellowBook Production Sponsor: AV Guys For information or to register go to www.sdchamber.org under the Calendar of Events Icon |
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Thank You to our
Renewing Members Chamber Press Releases Hot off the press |
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Members in Action Announcements, awards and more! Chairwoman's Report News from the Chamber Board |
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Your Business Advocate Leveraging its robust membership, collaborations with other organizations and political access, the San Diego Regional Chamber of Commerce's business advocacy team initiates legislation and lobbies for policies that create a stronger pro-business environment. |