ABSTRACT
The San Francisco Bay Area is a complex metropolitan agglomeration with three significant central cities as well as a number of well-established suburban centers. Several major forces influence the region’s real estate market. The natural setting and historic infrastructure investments set the framework around which much of the region has grown. The planning environment is complex and restrictive, with responsibilities divided among more than 100 local jurisdictions, several special purpose regional agencies, and state regulations that dictate the framework for land use planning, property taxation and environmental impact abatement. The region’s strong economic base has provided a market for extensive real estate development, while a shifting mix of industries has led to a changing balance of economic activity and real estate product among geographic areas within the region. Changes in financial regulations and taxation structure at the federal and state levels have influenced how much new development occurs, where it occurs, and how infrastructure is funded.
