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Is the run on houses helping business ?
Still , it ’ s all relative — Sacramento County ’ s 30-percent spike may be an outlier , but home values are exploding across the country . Nationally , the Case-Shiller home price index jumped 25 percent between April 2020 and September 2021 . Construction firms everywhere cite labor shortages , land use and zoning restrictions , and NIMBY opposition to development for the new-home shortage , according to Freddie Mac . “ In a relative sense it ’ s certainly getting expensive here ,” says Jeffrey Michael , executive director of the University of the Pacific ’ s Center for Business and Policy Research . “ But it hasn ’ t necessarily changed the competitive standing of the area relative to other areas very much .”
And outside North Tahoe , businesses aren ’ t yet reporting that home prices have hurt hiring and retention . Hotels and restaurants have faced epic labor shortages nationwide . But Pat Mitchell , president at hotel management company Marin Management , says staffing has been less challenging in the Sacramento area and other Central Valley locations than in other areas of the state , which she attributes to housing costs that are more commensurate with hotel wages . Her firm manages three hotels in the Capital Region . And in the restaurant industry , unaffordable home prices affecting hiring “ isn ’ t something we ’ ve heard about from our members ,” says Sharokina Shams , vice president of public affairs at the California Restaurant Association . Chamber of commerce leaders consulted say they ’ ve heard little or nothing from their members linking home prices to hiring .
And one area business leader sees the sizzling market as a sign of the region ’ s dynamism . “ The entire Bay Area moving here is just creating all kinds of economic opportunity with home selling and buying , and bringing new workers into our workforce ,” says Joshua Wood , co-founder and CEO of the Sacramento Region Business Association and a member of Comstock ’ s Editorial Advisory Board . “ This is great for business right now .”
That ’ s certainly true for anyone working in construction and real estate . Scott
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