Jan 25, 2017
Article claims affordable housing is now a middle class issue in California
What’s driving this housing crisis? It’s a classic problem of supply and demand. Put simply, the state doesn’t build enough housing to accommodate its population growth. California is home to roughly 13 percent of the nation’s population, and has slightly greater than average population growth. Yet, over the last 20 years the state has accounted for only 8 percent of all national building permits.
This chronic lack of new residential construction has led to the higher costs associated with less inventory (low housing vacancy rates) and elevated levels of overcrowded housing (8.2 percent of Californians live in overcrowded circumstances compared to 3.4 percent of all Americans).