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Appraisal: APN 053-182-030, S.E. Corner of Maple & Lathrop Streets, Redwood City, Calif.Page 7 <br />2025CNA112 <br />II. AREA & NEIGHBORHOOD DESCRIPTION <br />A. San Mateo County <br />San Mateo County is one of the nine counties touching San Francisco Bay and <br />comprising the San Francisco Bay Area. It totals approximately 450 square miles <br />of land extending from the Pacific Ocean on the west to San Francisco Bay on the <br />east, and benefits from its proximity to both San Francisco and the Silicon Valley <br />area. The County is characterized by a ribbon of manufacturing, engineering, and <br />technical products firms closest to the bay, with business and residential areas <br />stretching westward into the foothills. Land available for development is in short <br />supply. <br />Due to the generally built-out nature of the County, population expansion has <br />slowed considerably in the last two decades. As of January 1, 2025, the State <br />Department of Finance (DOF) estimated the population at 748,337, an <br />increase of 0.1 percent from one year prior. Meanwhile, the number of housing <br />units as of January 1, 20225 was estimated at 292,078, which is up 0.8 percent <br />from the prior year. In its Plan Bay Area 2050 publication, the Association of Bay <br />Area Governments (ABAG) estimates that the number of households (or occupied <br />housing units) in San Mateo County will increase to 394,000 by 2050. <br />In terms of employment, San Mateo County has a diversified economy. Its <br />unemployment rate has historically been below state and national levels. As of <br />February 2025, the California Employment Development Department (EDD) <br />estimated the unemployment rate in San Mateo County at 3.7 percent, based on a <br />labor force of 418,700. This represents a decline of approximately 100 in the <br />labor force and a slight increase from the unemployment rate of 3.6 percent <br />reported one-year prior. In its Plan Bay Area 2050 publication, ABAG estimates <br />that the number of jobs in San Mateo County will increase to 507,000 by the year <br />2050. <br />Transportation systems serving the County are well established and heavily used <br />by area residents and workers. Two primary freeways running north/south <br />through the area are the Bayshore Freeway (Highway 101) and Interstate 280. <br />Highway 92 and Interstate 380 connect these arteries in the central and <br />north/central portions of the county. El Camino Real represents the main <br />commercial arterial in the County connecting to San Francisco in the north and <br />Santa Clara County on the south. CalTrain passenger trains and limited rail freight <br />8.K. - Page 53 of 105 <br />303