Bay Area councilmember abruptly resigns, says he cannot afford cost of living
NEWARK, Calif. - A longtime Newark city councilmember has abruptly resigned, citing the high cost of living in the Bay Area.
Mike Bucci, 47, of Newark put out a statement on social media on Wednesday saying he's just the latest in a long line of people who have been priced out of the city.
Bucci said that despite putting $60K down for a house and having a 785 credit score, he and his wife cannot get a home any cheaper than $7,500 a month.
"What am I gonna do? Take out a mortgage and not pay it off till I'm 77? That's not a real option," the 47-year-old said.
Bucci said if he put his entire salary as a councilmember and as a a public works estimator at SilMan Industries towards the home, it still wouldn't be enough.
"We tried to buy a home a number of times over the years, but it never happened for us," Bucci said.
According to Zillow.com, the average home value in Newark is just over $1.3 million, which is up 10.5 percent over last year.
He called the decision difficult but that it was an honor and privilege to serve on Newark's city council, thanking residents for their trust.
Bucci has served on the Newark council since 2014. He lists his public works job at SilMan on his LinkedIn page. His term on the council was set to expire in 2026.
The Newark City Council member's salary is $16,452 annually.
The council member said he had watched "lots of friends continuously get pushed out for years," adding that his family would probably have been better off if they had moved years before.
"The fact that there is no future for us in the city I love is a tough pill to swallow," Bucci said.
Bucci did not immediately respond to request for comment on what city he would move to, now that he has resigned from the council.
Bucci's resignation became effective late Thursday.
Bay City News contributed to this report.
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