With the launch of a new housing voucher program, San Jose intends to strike two birds with one stone: Provide below-market rate homes downtown and stabilize a financially struggling residential complex. Under the first rollout of the Lower Income Voucher and Equity Program, approved by the City Council Tuesday, San Jose will provide up to $11.2 million to subsidize rents for 197 apartments at the 23-story glass-walled high-rise in the SoFA District. The property at 10 East Reed St., known as The Fay, is a luxury apartment complex that first opened in 2024. Since then, it has struggled to fill…
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