A trend has emerged in the Silicon Valley real estate market, where middle-class homebuyers are losing out to cash buyers—often investment groups from overseas—who convert owner-occupied homes into rentals. The natural tendency of sellers to choose quick, guaranteed sales over offers with financing contingencies is a new assault on middle-class home ownership, a shift likely to expand the ranks of landlords and tenants and make home ownership an increasingly elusive American dream.

We tried to do a Q&A with Santa Clara County Assessor Larry Stone back in late March. That didn’t happen, but it wasn’t Stone’s fault—there weren’t enough questions at the time. But here we are, three months later, and we’ve got the tax man’s answers to a couple submitted questions, relayed in a telephone conversation, as well as his thoughts on the fight between the county and Redevelopment Agencies, the odds the Oakland A’s will relocate to San Jose and how he views the local housing market five years after the subprime mortgage crisis.

On April 18, 2006, the City Council unanimously approved the Guadalupe Mines General Plan amendment, changing the zoning from Research & Development to Residential. At that same meeting, the Council debated other industrial conversions along Old Oakland Road/Rock Avenue, and voted to convert all of the employment-land parcels that night to housing.