More apartments in Sacramento under development, not meeting needs

Sacramento is seeing an increase in the construction of new apartment complexes, trying to meet growing demand. California and out-of-state developers are calling the capital a diverse market and housing experts say bring it on. Scott Cooper, vice president of development at the Michaels Organization, said there are various economic drivers, from health care to manufacturing to technology. He said Sacramento is the place to be. “It’s just an economy and a market that’s up and we’re pretty optimistic about that,” Cooper said. Michaels Organizations has projects in 35 states. Currently, he is building an apartment complex with 187 bachelor, one-, and two-bedroom units near the intersection of 3rd and T streets, which is near downtown Sacramento. on the fifth floor with a view of downtown,” Cooper said. The California Apartment Association said there was an increase in new construction. “We see a lot of cranes and people think we’re building a lot of housing, but it’s still not enough,” CEO Tom Bannon said. Bannon said new construction is key to Sacramento’s housing shortage. He said the region needed 10,000 units a year to meet demand. “We need 8-10,000 units to track people coming into the area,” Bannon said. This follows the government. Gavin Newsom signing two bills his administration says will boost housing and create thousands of jobs. Both will build more affordable housing in underutilized commercial areas typically reserved for retail, offices and parking. This is part of California’s requirement for all governments to plan adequately to meet the housing needs of all members of the community. For example, Sacramento needs to create over 45,000 new homes by 2029. That breaks down to about 5,698 units per year that need to be built. But Sacramento says the city has built an average of just 1,670 units per year from 2015 to 2021. Increasing overall housing production is a major goal for Sacramento as demand outstrips supply. Read the Sacramento map here. Bannon also said there are several compounds being built in downtown Sacramento, a place that hasn’t been this busy since the pandemic with state employees staying home. He hopes the wave of apartments is the start of the downtown comeback. to the life. “The City of Sacramento recognizes that apartment building is an economic driver,” Bannon said. “Businesses will be drawn to downtown Sacramento because where there are people, businesses will follow.” Cooper said more development is also good for his business. said. “If we can all develop quality products, it can drive up the market.” The development is expected to be ready in December 2023. Bannon said some resorts have provisions allowing low-to-moderate income families to move in.

Sacramento is seeing an increase in the construction of new apartment complexes, trying to meet growing demand.

California and out-of-state developers call the capital a diverse market and housing experts say bring it on.

Scott Cooper, vice president of development at the Michaels Organization, said there are various economic drivers, from health care to manufacturing to technology.

He said Sacramento is the place to be.

“It’s just a rising economy and market and we’re pretty optimistic about that,” Cooper said.

Michaels Organizations has projects in 35 states. Currently, he is building an apartment complex with 187 bachelor, one-, and two-bedroom units near the intersection of 3rd and T streets, which is near downtown Sacramento.

“We are heavily equipped with a pool, spa, fitness coworking and sky lounge on the fifth floor overlooking downtown,” Cooper said.

The California Apartment Association said there was an increase in new construction.

“We see a lot of cranes and people think we’re building a lot of housing, but it’s still not enough,” CEO Tom Bannon said.

Bannon said new construction is key to Sacramento’s housing shortage. He said the region needed 10,000 units a year to meet demand.

“We need 8-10,000 units to track people coming into the area,” Bannon said.

This follows Governor Gavin Newsom signing two bills that his administration says will boost housing and create thousands of jobs. Both will build more affordable housing in underutilized commercial areas typically reserved for retail, offices and parking.

This is part of California’s requirement for all governments to plan adequately to meet the housing needs of all members of the community.

For example, Sacramento needs to create over 45,000 new homes by 2029. That breaks down to about 5,698 units per year that need to be built. But Sacramento says the city built an average of just 1,670 units per year from 2015 to 2021.

Increasing overall housing production is a major goal for Sacramento, as demand outstrips supply. Read the Sacramento map here.

Bannon also said there are several compounds under construction in downtown Sacramento, a place that hasn’t been this busy since the pandemic, with state employees staying home.

He hopes the wave of apartments is the start of the downtown renaissance.

“The City of Sacramento recognizes that apartment building is an economic driver,” Bannon said. “Businesses will be drawn to downtown Sacramento because where there are people, businesses will follow.”

Cooper said more development was also good for his business.

“In a market like Sacramento, it’s this idea that a rising tide lifts all ships,” he said. “If we can all develop quality products, it can drive up the market.”

The development is expected to be ready in December 2023. Bannon said some resorts have provisions that allow low-to-moderate income families to move in.

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