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SUPPLEMENTAL MATERIIAL, Provided to the City Council After Distribution of Paoke4 August 14, 2016 Pleasanton City Council Date �//5/�� City of Pleasanton Pleasanton CA 94566 Re: Alameda County Housing Bond Dear Mayor Thorne and City Council Members, I am writing to urge your formal support for the Alameda County Housing Bond. The proposed bond represents an important opportunity to secure critical funding for workforce housing needed to secure sustainable economic development in Pleasanton. As many of you know, I have followed Pleasanton's progress in providing workforce housing for well over a decade through my work with Citizens for a Caring Community. During this time I have seen the City face a number of challenges, including some economic uncertainty and adverse court decisions to our Inclusionary Zoning Ordinance. In addition, the Council declined to increase the Lower Income Housing Fee to mitigate the impacts of new development, fearing that an increase could put Pleasanton at a disadvantage with other Tri-Valley communities in attracting new businesses. This County-wide housing bond would level the playing field. The City's historic maximization of tax revenue with luxury for sale and rental housing, and high end commercial development has, according to the last U.S. Census, made Pleasanton the wealthiest city of its size in the U.S.. Nonetheless, the lack of affordable workforce housing has inexorably diminished Pleasanton's ability to be "a great place to live and work". Today, the number of Pleasanton residents employed in Pleasanton has fallen to around half of what it was in 1990. By 2010, 72.6% of employed Pleasanton residents were commuting to jobs outside of the Tri- Valley, and 75.7% of Pleasanton based jobs were held by employees commuting in from outside the Tri-Valley. 1990 to 2010: From "Live and Work" to "Live or Work" Portion of Pleasanton jobs held by employees commuting in from beyond the Tri-Valley: 1990 Census- 36.6% 2000 Census: 47.1% 2010 Census: 75.7% Portion of Pleasanton residents working in Pleasanton: 1990 Census- 27.3% 2000 Census- 19.8% 2010 Census- 15.4% Sources: "Economic Development Strategic Plan Background Report"2006,Bay Area Economics "Pleasanton Economic Development Strategic Plan Background Report"2013,Strategic Economics An acute shortage of housing affordable to employees has driven this ever widening commute-shed. As noted in the 2013 Nexus Study commissioned by the City, '... 49.6 percent of all jobs located in the City of Pleasanton in 2010 paid less than $40,000 per year, which equates to the 'very low income'level for the County." With the median price of a home in Pleasanton currently at $947,000, and median rent at $3,700/month, the vast majority of these employees (retail, food and hospitality, social service,