Business and city leaders celebrated the opening of The Fay, a 23-story luxury apartment building in downtown San Jose, which features 336 apartments. The city approved nearly $10 million in tax cuts to incentivize development. Mayor Mahan emphasized the importance of attracting investment and residents to enhance economic activity. The Fay offers studio apartments starting at $2,750, with larger units priced higher. While the project is seen as a success, there are calls for a mix of housing types in downtown to maintain its character and vibrancy.