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Future Residential Growth/Housing Element Update While the pace and amount of future residential growth will be largely market driven, the City's zoning and land use regulations, including those contained in the General Plan Housing Element, establish the allowable locations and opportunities for housing to be built. State law requires each jurisdiction in California to update its local Housing Element every 8 years; doing so fulfills a Statewide mandate for each city and county to plan for projected housing needs, including a projected housing target known as the Regional Housing Need Allocation (RHNA). The City Council adopted Pleasanton's 2023-2031 (6th Cycle) Housing Element in January 2023, including identifying locations that have the ability, through appropriate zoning, to accommodate at least 5,965 units of housing at various densities and affordability levels. DISCUSSION Current Development Trends The following abbreviated list, drawn from the most recent Community Development Update, includes major residential projects whose construction is nearing completion, or which have been recently completed, or for which applications are in process. Major Projects Under Construction/or Recently Completed • Lund Ranch (now Diamond Canyon)— Terminus of Lund Ranch Road: 43 Single Family Homes. Under Construction. • Irby Ranch: 87 Single Family Homes and 30 unit affordable rental community for adults with special needs. Completed and fully occupied in 2021 and 2022 • Meadowlark - 3459 Old Foothill Road: 8 Single Family Homes. Under Construction. • PonderosaNalley Trails: 36 Single Family Homes. Under Construction. Most complete and occupied. Major Projects Approved, Construction not yet Started • Spotorno Ranch, Alisal Street at Westbridge Lane: 22 Single Family Homes, plus 22 ADUs. Approved February 2022. • Stoneridge Mall/Simon Property Group: 360 Apartment Units. Approved March 2023 • Rosewood Commons/Avalon Bay, 4452 Rosewood Drive): 305 Units, including 223 podium building apartments, 22 townhomes, and 60 garden apartments. Building permit applications submitted 2022. • 4884 Harrison Street: 46 affordable apartment units. Approved September 2022. Major Applications in Process, not yet Approved • Lester/Hidden Valley, 10807 Dublin Canyon Road: 31 Single Family Homes • Merritt, Foothill Road: 122 age-restricted single-Ofamily units • 3200 Hopyard Road: 57 multi-family (townhome) units • 3300 Busch Road (Kiewit) — 306 single family homes and 57 ADUs; 84 affordable apartments 2022 Residential Building Permit Activity In 2022, building permits were issued for 53 new residential units, including 39 single family homes and 14 ADUs. The 53 building permits issued in 2022 is a slight increase as