City Council, March 24, 2026
Approved: Bank of Italy Conversion Downtown Residential Incentive Program Admission, 9-0 (Campos absent)
What happened
On March 24, 2026, San Jose approved Bank of Italy Conversion Downtown Residential Incentive Program Admission (9-0).
The San Jose City Council held a lengthy meeting dominated by public comment on the city's investment policy, with speakers divided over a proposed ethical investment policy to divest from companies with ties to ICE.
- Jurisdiction
- San Jose, CA
- Governing body
- Final authority
- Date
- March 24, 2026
- Decisions
- 10 zoning decisions
- Outcome
- Approved, 9-0 (Campos absent)
Free sample: decision 1 of 10
City Investment Policy Annual Review
Council approved staff's recommendation to maintain the current investment policy with updated primary dealer list, rejecting a memo from Council Members Ortiz and Kamei that would have prohibited new investments in Alphabet, Amazon, and Microsoft due to their ties to ICE. The Ortiz-Kamei memo failed 4-4, and a substitute motion to accept staff recommendation initially failed 3-5, before a final motion adding direction for staff to analyze other California municipalities' approaches to ICE-related investments passed unanimously.
- Staff directed to provide analysis on what other California cities are doing regarding ICE investments
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Key Decisions (10)
City Investment Policy Annual Review
LS Power Grid California Franchise Agreement
Gateway Tower Downtown Residential Incentive Program Admission
Bank of Italy Conversion Downtown Residential Incentive Program Admission
El Paseo Saratoga Multifamily Housing Incentive Program Admission
East Village Business Improvement District Resolution of Intent
Housing Catalyst Team Work Status Report
Housing Element Annual Progress Report
San Jose-Santa Clara Regional Wastewater Facility CIP Update
Open Audit Recommendations Status Report
Full write-ups and conditions for all 10 decisions in Pro.
Development Activity (5)
Gateway Tower
Residential
Bank of Italy Conversion
Residential
El Paseo Saratoga
Mixed-Use
2 additional development records with full detail in Pro.
Market Signals (6)
Housing Demand
City has 103 development applications in processing representing 31,000 units,…
Housing Demand
Of entitled projects, 67% are market rate and 30% affordable,…
Commercial Demand
East Village Business Improvement District formation indicates growing commercial activity…
3 additional market signals with full detail in Pro.
Meeting audio
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Zoning terms (11)
37 recorded timestamps
- commercial (4 timestamps)
- deferred (2 timestamps)
- environmental review (3 timestamps)
- land use (1 timestamps)
- residential (17 timestamps)
- public hearing (1 timestamps)
Decision moments (8)
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10 recorded decisions, 8 conditions across 8 decisions. Available full write-ups are included with Pro for San Jose.
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