Silicon Valley 'pain index' shows growing gap between wealthy
The report is called the "Silicon Valley Pain Index," because the goal is to measure poverty, inequality and the suffering this can cause.
SJSU researchers used more than 200 data points and statistics to put together the report.
One of the more startling figures is the fact that more than 70 percent of the wealth in Silicon Valley is concentrated in just nine households.
Those nine households made $136 billion more last year alone than they did the year before.
Compare that to at least 100,000 households in Santa Clara County with absolutely no assets at all.
The authors of the report say the wealth gap in the region has grown, and this extreme income disparity leads to all kinds of problems, especially when it comes to food, education and housing.
The report says the average person needs to make at least $125,000 a year to be able to afford San Jose's average $3,200-a-month rent.
And that a lack of affordable housing has created a domino effect - with families leaving the area, leading to lower enrollment in schools, and school closures.
It also means a shortage of workers for essential jobs.
The report's authors say San Jose would have to build about 8,000 new homes every year to reach its long-term housing goals.
The most the city has ever built in a year is about 1,700 homes.
There are some positive changes the report highlighted - including a decline in police use-of-force incidents in San Jose last year; fewer carbon emissions and pollution; and expanded homeless services in the community last year.
The authors of the study say they hope it leads to policy changes amd changes in behavior among the wealthiest individuals.
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For more information, please visit FORWARD-LOOKING STATEMENT: This news release contains a number of forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). These statements may be identified using words such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "likely," "may," "outlook," "plan," "potential," "predict," "project," "should," "will," "would," and similar terms and phrases. including references to assumptions. Forward-looking statements are based upon various assumptions and analyses made by the Bank (which includes the Bank) considering management's experience and its perception of historical trends. Current conditions and expected future developments, as well as other factors it believes are appropriate under the circumstances. These statements do not guarantee future performance and are subject to risks, uncertainties, and other factors (many of which are beyond the Bank's control) that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Accordingly, you should not place undue reliance on such statements. factors that could affect the Bank's results include, without limitation, the following: the timing and occurrence or non-occurrence of events may be subject to circumstances beyond the Bank's control; there may be increases in competitive pressure among financial institutions or from non-financial institutions; changes in the interest rate environment may reduce interest margins; changes in deposit flows, loan demand or real estate values may adversely affect the business of the Bank; unanticipated or significant increases in loan losses; changes in accounting principles, policies or guidelines may cause the Bank's financial condition to be perceived differently; changes in corporate and/or individual income tax laws may adversely affect the Bank's financial condition or results of operations; general economic conditions, either nationally or locally in some or all areas in which the Bank conducts business, or conditions in the securities markets or the banking industry may be less favorable than the Bank currently anticipates; legislation or regulatory changes may adversely affect the Bank's business; technological changes may be more difficult or expensive than the Bank anticipates; there may be failures or breaches of information technology security systems; success or consummation of new business initiatives may be more difficult or expensive than the Bank anticipates; or litigation or other matters before regulatory agencies, whether currently existing or commencing in the future, may delay the occurrence or non-occurrence of events longer than the Bank anticipates. 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