IBD: California Needs Millions Of Homes — Why Aren’t They Built?

IBD: California Needs Millions Of Homes — Why Aren’t They Built?
May 20, 2016 Peter

7Just one decade ago California’s housing market crashed, resulting in mass foreclosures and dramatic declines in home values. Today, we face a very different problem — a severe housing shortage. There just aren’t enough homes.  Supply is low, demand is high and home prices continue to rise. In fact, home prices in California are so high that middle and lower-income families are being priced out of home ownership. The average California home price of $450,000 is twice the national average. In order to meet the demand for housing and to make homes more affordable, California developers would have to build millions of new homes — a million in Los Angeles alone — just to keep up.  And it’ll be hard to keep up if California’s ultra-strict environmental regulations continue to get in the way.

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