Part of the story left out of this...is the cost situation for just about any housing. You could have bought some property in the 1970s for $70,000 and today it’d be worth $700,000. Go look for a 2-bedroom apartment and just shake your head over the going rate. Guys living out of cars, tents....it’s all part of the unaffordable housing trend, and the bubble that has grown in California.
Shocking? This is shocking—the state has a socialist for governor, and an electorate that supports him on the way to to bankruptcy. Moonbeam is an absolute retromingent jackass with a cherry on top. FU Jerry brown.
Housing prices in some places are almost back to their highs. This is due in part to the very generous interest rates provided by our soon-to-be-bankrupt government.
My in-laws just sold a condo for just less than they paid about ten years ago at the height of the market. During the downturn similar condos were going for about half of their present price.
If one is going to complain about housing prices it would probably make sense to consider the bargains along the way.
This isn’t a new phenomenon. California housing has historically been dry expensive
The other part of the story left out is that this is what happens when you let the enviro-wackos prevent development of any new housing close to jobs. At least in the SF Bay area there is lots of land, it is just "preserved" in green belts. San Mateo county alone owns thousands of acres of "parks" that it has no money to actually develop into real parks, so it is fenced off and people are kept out.
The concept of selling some of the land to developers to get the money to actually make parks out of the rest hasn't crossed anyone's mind.
But, millennials all pine to rent, they don’t want to own anything. Living like a hobo is just the beginning of the average millennial lifestyle, at least that’s what they tell us.
Environmental laws are so punitive against builders, it has kept apartments from being built.
Thus, a lack of housing .. automatically raises the rates.