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pipeline of basic and applied research which may translate to fewer innovations and breakthrough technologies and eroding the region s and nation s leadership in research and innovation as other countries simultaneously ramp up r d funding quick facts r d expenditures in silicon valley universities including u c berkeley grew 26 percent between 2007 and 2016 lagging behind most of the innovation regions however academic r d expenditures rose 11 percent between 2014 and 2016 along with the new york city metro area the fastest among the innovation regions while the u s had highest gross r d spending globally in 2013 us 433 billion china s spending more than quadrupled between 2004 and 2013 to us 318 billion sources analysis national science foundation oecd main science technology indicators collaborative economics policy priorities develop r d funding matching program for areas such as biotechnology clean energy and darpa federal state action implement permanent r d and r d equipment tax credits federal state emphasize return on investment in funding formula tax credits federal state progress in 2015 2020 svcip partners advocated for h r 880 the american research and competitiveness act of 2015 which would make the federal r d tax credit permanent federal in late 2015 congress passed an omnibus appropriations and tax extender legislation making the research and development r d credit permanent federal the federal r d tax credit which had been threatened as part of the 2017 federal tax overhaul was preserved in the final legislation the r d tax credit is among the best policy tools for encouraging investments in research and development and the positive externalities that come with them close high skill immigration updated february 2020 overview in 2015 the silicon valley leadership group and silicon valley community foundation hosted a series of public policy strategy sessions with federal state and local officials ceos education administrators and community leaders the following public policy recommendations emerged as priorities to enhance the health of silicon valley s economy five years later some recommendations still need legislative action others require implementation or administrative adjustments these recommendations will continue to be raised with city county state and federal government elected and administration leaders permanent reform around high skill immigration is needed for the long term health of silicon valley without which the region faces issues including forgoing access to highly skilled talent that could strengthen local companies and encouraging immigrant entrepreneurs to start their companies abroad rather than within the region because they were unable to remain within the u s quick facts 59 percent of scientists and engineers in silicon valley in 2018 were born in a foreign country 43 9 percent of startups in silicon valley were founded by entrepreneurs in the 2006 2012 period down from 52 4 percent during 1995 2005 sources analysis u s census bureau american community survey collaborative economics wadhwa vivek annalee saxenian and f daniel siciliano then and now america s new immigrant entrepreneurs part vii ewing marion kauffman foundation 2012 policy priorities streamline the visa process for permanent residents and non immigration visas federal action broaden eligibility criteria for eb 5 to better reflect start up company growth federal action maximize o 1 visas especially for high talent entrepreneurs federal action progress in 2015 2019 progress on high skill immigration policies were limited in 2015 2017 given state and federal contexts more restrictive immigration rules the federal government proposed or enacted various measures in 2018 to tighten immigration rules affecting technology workers proposed eliminating the international entrepreneur rule which granted international entrepreneurs temporary visas if they provide evidence of venture funding and jobs to be created proposed eliminating the work authorization for h 4 spouses of h 1b recipients cancelled premium or accelerated review of h 1b visas subjected chinese visa applicants to heightened scrutiny and shorter visa stays in response to suspected ip theft by chinese nationals proposed revision of the definition of specialty occupation under the h 1b program to increase its focus on obtaining the best and brightest foreign workers proposed revision of the definition of employment and employer employee relationship to better protect us workers and wages announced plans to propose additional requirements to ensure employers pay appropriate wages to h 1b visa holders close housing and transportation updated february 2020 overview in 2015 the silicon valley leadership group and silicon valley community foundation hosted a series of public policy strategy sessions with federal state and local officials ceos education administrators and community leaders the following public policy recommendations emerged as priorities to enhance the health of silicon valley s economy five years later some recommendations still need legislative action others require implementation or administrative adjustments these recommendations will continue to be raised with city county state and federal government elected and administration leaders high cost of living and increasing commute times are issues for silicon valley for several reasons including reducing the attractiveness of the region for drawing and retaining talent shifting the balance between worker productivity and labor costs from a business perspective while silicon valley s labor productivity is currently high enough to warrant compensating workers for the higher cost of living rapid increases in living costs and the associated increase in wage requirements places pressure on businesses in the region and pressuring the ability of residents not employed in high compensation jobs to find housing within the region quick facts 65 percent of silicon valley ceos surveyed in 2013 reported employee housing costs as one of their top five challenges for doing business in the region home values decreased 7 percent in silicon valley proxied by the san jose metropolitan area between october 2018 and october 2019 to a median value of 1 176 540 average monthly rent for a 2 bedroom unit in silicon valley proxied by the san jose metropolitan area was 3 283 in 2019 through november behind only new york city and boston collectively the greater silicon valley region including the east bay lost 5 4 billion in economic value due to traffic congestion in 2014 average commute time rose about 21 5 percent between 2010 and 2018 the fastest increase among innovation regions the region s average commute time is second only to new york city sources analysis zillow u s census bureau american community survey tomtom traffic index collaborative economics policy priorities mobilize business voices in support of additional housing development in the region businesses can play a key role in testifying about the importance of additional housing development during the local government review processes for new construction advocate for a permanent funding source for affordable housing at the state level increase funding for bart and caltrain leveraging new starts cap trade funds local ballot initiatives and infrastructure financing districts federal state local action invest in transportation infrastructure and housing across cities within the region to promote livable cities aligning with regional planning efforts such as plan bay area developed by mtc in 2013 as required by sb375 progress in 2015 2019 in june 2015 the state supreme court upheld san jose s inclusionary housing ordinance ensuring a requirement for the inclusion of affordable housing in silicon valley state svcip partners built support for a potential 2016 ballot measure to promote a systems based approach for local transportation funding spanning several silicon valley counties including santa clara county lead role santa cruz county advisory role and san francisco county supportive role local svcf along with ten cities and two counties in silicon valley launched the grand nexus study for affordable housing impact fees the project explores policy solutions for funding affordable housing in the future local in 2016 governor brown signed ab 2584 daly into law which law will remove certain nimby roadblocks for affordable housing projects state in 2016 governor brown signed senate bill 1069 wieckowski into law which made secondary housing units easier and less expensive to build state santa clara county voters passed measure a for affordable housing in 2016 which will generate 950 million in affordable housing funds for vulnerable populations and support for first time homebuyers local san mateo county voters passed measure k neighborhoods for affordable housing and quality of life in 2016 which extends the current sales tax another 20 years to generate 80 million annually for affordable housing and other community services local bart s phase ii extension from north san jose downtown and on to santa clara university received an initial 20 million in transportation funds from the state of california state santa clara county voters passed measure b which will provide 6 5 billion in local dollars to fund a wide range of transit and road improvements throughout the county this effort was led by silicon valley leadership group local santa cruz voters approved measure d the county s first local transportation funding measure with 67 78 percent of the vote the measure which was led by the santa cruz business council with support from the silicon valley leadership group will raise 500 million for transit and road improvements over 30 years directly affecting more than 22 000 silicon valley workers who commute from santa cruz county many years of work by the silicon valley leadership group and many others to secure a permanent source of funding for affordable housing came to fruition in 2017 with the passage of senate bill 2 championed by then senator and soon to be senate pro tem toni atkins this legislation will provide more than 250 million annually to address the impact of california s housing crisis on low income residents governor brown signed senate bill 35 senator scott wiener s bold and successful effort to streamline the construction of much needed housing where project proposals have satisfied local zoning requirements in jurisdictions that have not met their housing construction obligations both silicon valley community foundation and the silicon valley leadership group were early backers of the legislation the passage of senator jim beall s senate bill 3 in 2017 opened the door for voters to approve a 4 billion veterans and affordable housing bond in 2018 to complement the funding that will come through the passage of senate bill 2 that measure will appear on the november 2018 ballot the legislature also passed and the governor signed assemblymember richard bloom s assembly bill 1505 that allows for jurisdictions to once again require a percentage of affordable housing rental units from new market rate rental housing projects an essential tool cities utilize to build new affordable housing in their communities the silicon valley leadership group worked with governor jerry brown and senator jim beall to move the massive transportation funding bill through the california state legislature sb 1 will provide 52 billion over the next 10 years to address both the aging and growing pains of california s transportation system in the face of threats to federal funding that would imperil electrification of caltrain senator dianne feinstein and the bay area congressional delegation together with the silicon valley leadership group and regional leaders rallied to secure a full funding grant agreement from the federal government for the project caltrain electrification will result in an 80 increase in capacity growing to roughly 110 000 daily trips reducing traffic on the heavily congested highway 101 corridor between san jose and san francisco the silicon valley leadership group co sponsored senate bill 595 authored by senator jim beall which the governor signed into law this legislation allows for a consolidated election across the nine bay area counties to approve 4 45 billion in regional traffic relief projects as part of the regional measure 3 rm3 which will appear on the june 2018 ballot the leadership group has also partnered with the bay area council and spur to lead a successful bay area campaign for rm3 svlg partnered with senator jerry hill to sponsor and successfully pass senate bill 797 sb 797 was signed into law by governor brown in 2017 allowing for a consolidated election across santa clara san mateo and san francisco counties in order to establish a dedicated source of revenue for caltrain operations maintenance and capacity improvements the bart extension to silicon valley hit several key milestones in april 2018 the california state transportation agency announced 730m in funding from senate bill 1 the state transportation infrastructure package signed into law by governor brown in 2017 after a bruising fight in the legislature in may 2018 the federal transit administration issued a record of decision for the project a critical step in securing the 1 5b in federal funds needed for the project to extend bart to downtown san josé regional measure 3 the leadership group joined spur and the bay area council to lead passage of regional measure 3 in june 2018 which will raise approximately 4 5b over 30 years for regional transportation improvements including funding to refurbish diridon station in preparation for bart s arrival and to purchase new bart cars beating back threats to transportation funding the leadership group joined a coalition of labor business and transportation leaders to defeat proposition 6 on the november 2018 ballot which would have rolled back a critical 2017 state transportation package that provided 5b annually for 10 years to maintain our state s aging transportation infrastructure 2018 statewide affordable housing bond the silicon valley leadership group and three partner organization across california led the successful statewide campaign to pass proposition 1 on the november 2018 ballot which will provide 4 billion for affordable housing financing and home loans for veterans championed in the state senate by housing transportation committee chair jim beall the bond proceeds leveraged substantially by federal state and local housing funds will produce an estimated 50 000 new affordable homes across california transit oriented development near bart stations governor brown signed assembly bill 2923 chiu grayson which requires the bart board to adopt transit oriented development tod zoning standards for bart owned land it would also require cities to adopt these tod standards which include minimum heights and eased parking requ...