Every March, the City Council reviews our progress on housing. This year’s annual report brings a mix of significant wins and a clear-eyed look at the challenges still ahead.

After years of sluggish growth – where most new housing was small backyard cottages (ADUs) – we saw a massive jump in 2025. New units under construction increased more than fourfold compared to the previous year.

* 2024: 82 units started
* 2025: 340 units started

A major driver of this growth is the Timber School project at Newbury and Kelly Roads, construction of which is now under way.

The momentum isn't slowing down. We expect construction numbers to climb even higher next year. Three major projects – TO Ranch, Oakwell, and the 500 East T.O. Blvd. project – represent nearly 1,100 new units. This will go a long way toward clearing the city’s backlog of around 1,600 already entitled units. [1] [2]

Also, for the first time since 2021, developers broke ground on designated affordable units. This includes 26 "low-income" units and one "very low-income" unit.

What does “low income" actually mean? It’s many in our local workforce, not those in dire poverty. In Ventura County, a family of four earning almost $120,000 is considered low-income. In Thousand Oaks, the threshold is likely even higher.

While this progress is encouraging, we still have a steep hill to climb. To meet our state-mandated goals by 2029, we still need to build over 1,100 more units for low- and very-low-income residents.

While increasing the supply of homes is vital, "more housing" doesn't automatically mean "affordable housing." I believe it’s a mistake to view housing affordability only in simple supply-and-demand terms. More supply is necessary, but it’s only one piece of the puzzle.

As Professor Jamshid Damooei of CLU recently noted, we must also address stagnant wages and financial systems that make it harder for young families and seniors to stay in our community. [3]

Building more is a start, but we must ensure we are building the right kind of housing to keep Thousand Oaks a vibrant, livable place for everyone.

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