Monday, July 13, 2009

Jerry Brown's 10K Plan Fell Way Short

Mon, Jul 13, 2009 at 7:06 AM

Former Oakland Mayor Jerry Brown's plan to bring 10,000 new residents to downtown only produced about half of that number because of the housing market collapse. According to a new analysis by the San Francisco Chronicle, the building boom during the Brown administration resulted in just 5,000 new residents in downtown — not counting all of the people who moved out of the area during the period. Brown's 10K plan also resulted in a housing glut that threatens to slow the city's economic recovery.

Still, all the new housing was necessary, and once the market does come back, the empty units in downtown will start to fill up — although we're skeptical about the high-end condos featured in the Chron story. Also, Brown can't be faulted for not recognizing that his administration coincided with a massive housing bubble. Most economists missed the phenomenon, too. Nonetheless, it's good to have an assessment of what Brown's 10K plan actually produced — if only to put to rest inaccurate claims that it met its goal.

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