San Jose is proving once again that sometimes local government can actually do something right. In a move that’ll make millennial homeowners do a happy dance, the city council just gave a serious equity boost to hundreds of first-time homebuyers who participated in a 1990s loan program.

Imagine buying a home when avocado toast wasn’t even a thing, and now finding out you’re suddenly getting a massive financial upgrade. The city unanimously voted to increase homeowners’ equity share from 70% to 85%, which translates to an average windfall of $48,600. Ka-ching! 🎉

From Struggling to Thriving

This isn’t just about money - it’s about generational wealth. Mayor Matt Mahan framed it as an opportunity for longtime homeowners to build a more secure retirement nest egg. For a generation constantly hearing about how we’ll never own property, this feels like a micro-victory in the housing wars.

The Fine Print

There’s a catch (because there’s always a catch): these homes must remain affordable and deed-restricted for 30 years. But for many participants, that restriction won’t even matter until after 2030. Most won’t even be able to sell and buy back into San Jose’s insane real estate market anyway.

A Glimpse of Hope

Vice Mayor Pam Foley reminisced about these equity loan programs being revolutionary in the 1990s - a time when millennials were just learning to walk. Now, these same programs are giving families a shot at building something substantial in a city known more for tech millionaires than affordable living.

Bottom line? San Jose just showed some real love to its long-time residents. Take notes, other Bay Area cities. 💁‍♀️