Rising Silicon Valley rents: A Mountain View tale - San Jose Mercury News

"I have got lived in Mountain View virtually my entire life. And Also until then, he said, just as single-family homeowners want to sell their own houses from marketplace levels, landlords will want to set rentals as the marketplace dictates.

Jonathan Moss, executive vice president and companion from Prometheus, acknowledged that the "demand is actually clearly outstripping your supply" of accessible units within Silicon Valley and that the effect is an "untenable scenario where the cost involving housing is far greater than individuals can easily afford for you to pay." He mentioned Prometheus has a general policy of capping annual rent raises with regard to its 7,000 active units across the valley with 10 percent.

"Middle-income people whom have roots within the neighborhood are increasingly being priced out and so are shifting away," stated Councilman Lenny Siegel, who may have satisfied together with Forest Glen tenants as well as Prometheus executives, that say higher rents are generally necessary to recoup investments when older buildings tend to be upgraded. " alt="Emily White, a new resident with the 40-year-old Forest Glen townhouse development inside Mountain View, Calif., poses for any portrait in Wednesday, July 29, 2015. Eviction notices won't always be sent out, he said. Although rents have not really yet boost at Forest Glen along with Granada, he said, renovated units would choose "somewhat greater than 10 percent" higher than current rates. people tend to be emotionally detaching coming from each as well as every other."

"I'd just just like to get my kid via the eighth grade," mentioned Moon, whose son attends the actual neighborhood middle school. Fearing in which their leases defintely won't be renewed as well as which rents will significantly improve in a town where rents already have gone through the particular roof, 4 families get left, yet others say their particular departures appear inevitable.

Ultimately, he said, Mountain View must address your imbalance between task growth and also housing inventory. Tenants were invited to some "meet and greet" using their new landlords from Prometheus's Madera apartments throughout downtown Mountain View, where luxury two-bedroom apartments can go with regard to $5,300-$5,800. Many have family incomes within extra of $100,000, nevertheless generating rent nevertheless can easily be a struggle, even with current levels.

"These individuals are gone," she said, "and this guy's leaving over here. My kids happen to be going to university here since kindergarten. Several three-bedroom apartments throughout Mountain View checklist with regard to in between $3,400 along with $4,500, according to Neighbors Helping Neighbors, any nonprofit that may help customers navigate the particular Silicon Valley rental market. Residents tend to be fearing costs to spend for planned renovations will be passed on to them. This could be our home. And Also this couple -- she's any physician, along with he's an IT guy, and they use a new baby, as well as they've made the decision they just can't make a life here. Residents are usually fearing expenses to pay planned renovations will" border="0"/>

About 60 percent associated with Mountain View's residents tend to be renters, along with Forest Glen is a microcosm with the city, where hiring by simply Google and other tech companies is actually ratcheting up competition to obtain a severely limited stock regarding rental units. (Josie Lepe/Bay area Information Group)

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Josie Lepe

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A quantity of nearby news studies followed, along together with a crew from ABC's "20/20" even flew in last month for you to film interviews for any possible segment. (Josie Lepe/Bay Region news Group)

(Josie Lepe)

MOUNTAIN VIEW -- Seven many years ago, Lori along with Alan Moon gone to live in Forest Glen Street, a shady lane regarding townhouses exactly where his or her son, Michael, is continuing for you to grow up with his friends, playing capture the flag along with building forts inside the bushes.

Even because the council considers proposals to build a range of thousand additional units more than your subsequent few years, he added, "naturally affordable housing" will be vanishing, as active units are usually bought and also upgraded by simply developers, including Prometheus.



"I've got a photo involving all the kids," Lori Moon said, reminiscing in her kitchen, "six of which sitting in leading stoop, just becoming stupid, getting fun."

Forest Glen's tenants contain teachers, nurses, the vice president associated with marketing, a new Google software engineer along using a NASA Ames environmental engineer that serves about the Mountain View Environmental Planning Commission. 5, 2015. "But what are we going to do when we now have in order to leave? because Mountain View's out of control."

But Moss stated inside July which these early feedback had been "confusing" as well as marked by simply "some misinformation" -- along with that the Prometheus representative whom created these people has been replaced. Just then will housing costs settle down. Our Shangri-La is actually unhinging."

Contact Richard Scheinin at 408-920-5069, read his stories in www.mercurynews.com/richard-scheinin, along with adhere to him in Twitter.com/realestaterag.

The Forest Glen affair began shortly after Prometheus bought the actual townhouses upon March 18. (Josie Lepé/Bay area Information Group)

"It's a lot of stress," said Emily White, another tenant, that came by simply Moon's home to discuss your situation. Tenants reported being told with a business representative they ought to expect to obtain 30- to 90-day notices simply by August, that large-scale renovations would start in October, as well as that the renovated units would rent pertaining to "whatever the tech marketplace can bear."

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But life is changing throughout "our small world," as the girl called the neighborhood. "People are usually leaving. 5, 2015. I make six figures. Along With it truly bothers me that will my ability to supply a secure living environment regarding my kids is out of my control because regarding greed."

An exterior view of your Forest Glen Townhomes throughout Mountain View, photographed upon Aug.

Emily White, a social worker and startup veteran that moved to Forest Glen per year ago, walked down the shady lane one other day, pointing out the actual empty units.

And the particular tenants regarding Forest Glen will likely carry on to appear for very first time homes in other cities.

"It's nuts," said Diana Torrey, the senior manager with a biotech firm, who with the girl boyfriend rents the three-bedroom Forest Glen apartment pertaining to $2,995. Torrey lamented that they even offers seen her discuss of three-bedrooms in Craigslist regarding $6,000, requiring $216,000 within income.

Lori Moon, any resident of the 40-year-old Forest Glen townhouse development throughout Mountain View, Calif., poses for any portrait in Wednesday, July 29, 2015.

Lori Moon, any resident of the 40-year-old Forest Glen townhouse development within Mountain View, Calif., poses to find a portrait in Wednesday, July 29, 2015. Residents are generally fearing costs to spend for planned renovations will" alt="An exterior look at the particular Forest Glen Townhomes throughout Mountain View, photographed http://downinthevalley.co.uk in Aug. 5, 2015. "The supply of the problem is that we've too many excellent jobs, which Google and also other folks are hiring with a rapid rate" and that will construction of recent residential housing isn't maintaining pace.

In March, the particular 24 townhomes that series the lane had been sold to the San Mateo-based Prometheus Property Group, and residents say they will are already left inside a state associated with limbo about the new landlord's intentions

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