https://www.siliconvalley.com/2023/10/26/death-spiral-its-getting-obscenely-expensive-to-build-housing-in-san-jose/

It’s no surprise that building housing in San Jose isn’t cheap, but this year is shattering records for construction costs in the nation’s 12th-largest city.

A new report commissioned by San Jose officials finds the residential development landscape for both market rate and affordable projects “bleak” as builders face “numerous challenges” due to enormous economic pressures, including historically high interest rates, soaring construction material and labor costs and other inflation-related issues.