Is California's Housing Crisis Spinning Out of Control? #realestate #homeownership #investment

Source:  New York Times
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California has a severe lack of affordable homes and apartments for middle-class families.  The median cost of a home in the state has surged to $500,000 - double the national cost.

A booming economy, home construction, and apartments that haven't kept up with demand have all fueled a housing crisis throughout the state.  Home prices in Los Angeles, San Francisco, San Jose, and San Diego have surged as much as 75 percent over the past five years alone.

Homelessness in California is also on the rise.  In Silicon Valley, lines of parked recreational vehicles can be found with people living inside them.  In Los Angeles, some local residents are reportedly installing makeshift kitchens and living in vans within quiet neighborhoods.

The state has introduced 130 housing measures this year.  Among one of the most recent actions, the Senate approved a bill to crack down on communities that have delayed or derailed housing construction proposals.  The bill would restrict the ability to use zoning, environmental, and procedural laws to kill projects that may be considered "out of character" with the neighborhood.  The bill is expected to be voted on again later this summer.

Check out the full story here:
https://www.nytimes.com/2017/07/17/us/california-housing-crisis.html

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