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C.2.5 On and Off-site Improvements New development is required to provide public improvements to serve its new residents. The City has adopted engineering and design standards to inform developers of how these improvements should be constructed. Public improvement obligations include providing streets, curb, gutter, sidewalks, storm drainage, sewer connections, water connections, fire department access, street lights, and clean water -runoff measures. Required street right-of-way widths are based on street classification and range from 30 feet (alley) to 120 feet (parkway) (Municipal Code 19.36.040). While these types of requirements result in additional development costs, these improvements provide the necessary facilities and services for a safe and quality living environment, and the City offers reductions in these standards when appropriate (e.g., reduced street widths for areas with steep slopes). Occasionally, the City will require off-site improvements in areas where further development will occur. In these cases, the City will require reimbursement agreements or other mechanisms to reimburse the developer for the cost of these off-site improvements (e.g., assessment districts, specific plan finance agreements, etc.). The City will typically contribute towards the cost of public improvements for affordable housing developments through its Lower -Income Housing Fund. Section C.3 Non -Governmental Constraints Market factors over which a local government has only limited ability to control can influence the jurisdiction's capacity to develop more housing. These market -related constraints include land cost, construction cost, and the availability of financing. An assessment of these non- governmental constraints can inform the development of potential actions that can ameliorate its impact. C.3.1 Housing Supply/Conditions Market Overview: For -Sale As shown in the Needs Assessment (Appendix A, Figure A-40), the region's home values have increased steadily since 2000, besides a decrease during the Great Recession. The rise in home prices has been especially steep since 2012, with the median home value in the Bay Area nearly doubling during this time. The typical home in value in Pleasanton was estimated at $1,213,900 in December 2020, a 143.8 percent increased from $497,900 in 20011. According to the Zillow Home Value Index (ZHVI), in July 2021, typical home value increased to $1,486,151 in Pleasanton, a 22.4 percent increase since December 2020. Housing Constraints City of Pleasanton I C-33