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compared to the number issued in 2021 (40 units). The overall development trend in more recent years has been a decrease in new residential construction since the most recent peak in 2015-16, when permits for over 1,200 new units were issued. However, based on the volume of current and expected applications, and recent approvals/entitlements, staff expects the City will issue a greater number of permits in 2023 and 2024 as compared to 2022. For example, projects expected to begin construction in the coming months include the 305- unit Avalon Bay/Rosewood Commons project and the 360-unit Stoneridge Mall Residential project. Projects currently under construction but anticipated to be completed this year include the Lund Ranch and Austin-Meadowlark subdivisions. In addition, the City is seeing a steady increment of new single family homes on existing lots and the number of ADUs continues to increase, year-on-year. Despite these general trends, it is possible that recent interest rate hikes and ongoing construction cost increases may affect or slow housing production, but it is difficult to predict the precise effect of these changes. Future Housing Outlook 2023-2031 Housing Element Update. On January 26, 2023, the City Council adopted the 6th Cycle Housing Element, which represents the City's required 8-year plan for housing. In addition to policies and programs to encourage and support housing preservation and production, the Housing Element is required to demonstrate that sufficient land in the City is designated or zoned for housing to meet the City's "fair share" of the regional housing need, also known as the Regional Housing Need Allocation (RHNA). Pleasanton's RHNA of 5,965 units was assigned by the State and the regional planning agency, the Association of Bay Area Governments for the 6th Cycle in 2022 for the 8 year planning period. The City is not required to build or to fund the construction of these units, but only to ensure that opportunities exist through planning and zoning, to accommodate them. Based on evaluation of its existing inventory of zoned land, "pipeline" projects and other realistic growth, the City determined that additional sites would need to be designated to allow housing, to address a shortfall in zoned capacity. Through an approximately 2-year process, the City worked with the community, interested property owners (including PUSD), and City Commissions and the City Council to develop and refine a list of potential sites. The City also prepared a comprehensive Environmental Impact Report to evaluate the impacts of this future residential growth, including impacts to schools and other public services, allowable under the Housing Element. In total, the Housing Element identities 19 sites that, together with existing zoned parcels, can accommodate the 5,965 unit RHNA. (Attachment C). The sites are distributed throughout the city, although there is a higher concentration of sites and potential future housing development located in the northern part of Pleasanton, since that area has greater proximity to high quality transit (a criteria established by the City Council in selecting sites), and the greatest number of underutilized properties, particularly older commercial properties, with potential for redevelopment. One such key site is the Stoneridge Mall, designated for 990-1,170 potential housing units in the Housing Element, and the subject of the Stoneridge