The San Jose area has 650,700 housing units, and only 28,100 of them are empty. That gives San Jose a vacancy rate of just 4.3%, the lowest in the country by a significant margin. The next lowest is Lancaster Pennsylvania at 5.6%. Surprisingly San Francisco is at 7.12% and New York is at 9.92%. I suppose that means it's time to start breaking ground on some more residential units--preferably in dense urban parts of San Jose.