Over the past 40 years, California has built new homes at less than half the rate needed to keep pace with population growth, according to the State Housing and Community Development Department and the nonpartisan Legislative Analyst’s Office. San Francisco ranks among the most unaffordable cities in the United States. Median house prices in the city have soared to $1.6 million as demand far outstrips supply. This has created a huge rent burden, displacement, racial and economic exclusion, and increased commute lengths.
“The dearth of available and affordable housing is a significant barrier to the Bay Area’s economic progress,” said Patrick Collison, CEO of Stripe. “We’re making this contribution to California YIMBY because we think broad policy change will make the most meaningful, widespread, and long-term difference in the state’s housing crisis, by allowing developers to build more housing — specifically lower-cost, higher-density housing.”
“At Stripe, our goal is to lower economic barriers,” he continued. “Globally, that means making it easier for entrepreneurs anywhere in the world to start and run an internet business. Closer to home, we want California to remain a land of opportunity: a place where hardworking people of all backgrounds can come to pursue new jobs, start new businesses, and create better lives for their families.”
California YIMBY is a grassroots-driven advocacy organization that works to make housing more affordable and accessible to all. Backed by a growing number of local YIMBY chapters in cities across the state, California YIMBY works with legislators in Sacramento to reform rules that currently slow or inhibit the construction of urban, infill housing for all income levels.
“California’s economy is leading the United States with record growth year after year, but if our cities don’t respond with adequate housing for workers in all sectors, at all income levels, we could drive it right into a ditch,” said Brian Hanlon, president of California YIMBY. “It’s no use having a thriving business environment if our teachers, emergency workers, service providers, and others can’t afford to live here. Too many of our city leaders feel like the housing crisis is someone else’s problem. California YIMBY will help make sure all our cities understand their role in developing real solutions.”
“We know our cities have the room and the resources to solve California’s housing crisis,” said Hanlon. “With Stripe’s help and with the generous help of our 40,000 members and other supporters, we’ll be able to accelerate our progress toward making the Golden State a truly inclusive, welcoming, and affordable place to call home.”