As for downtown, if you live near the right bus line, I have heard it is do able. I believe the bus is the 24x, but I could be wrong. With the Hollister st area, I know it is very bikable from campus, I tried it during my visit to see (awesome people, someone let me use their bike). When I did visit that area, there was a decent farmer's market as well as other grocery/necessary item places, and a starbucks and a more local coffee shop. I never made it downtown, where I am sure there is a lot to keep you busy/happy, but that hollister area didn't seem too shabby to me. I didn't make it into the more local coffee shop, but th starbucks was a little busy (it was a sunday afternoon, though).
if anyone has any more advice, we'd love to hear it