There is no debate, in CA they have completely out priced most the population that were actually from CA. And it’s one of the big factors so many leave the state is because of the obscene housing prices. And it’s wealthy foreigners who are replacing them. In fact, CA has basally stated they don’t want middle class types, Trump supporters or those who want to put America first in the state.
All the poor slobs that bought way inland away from the coastal plain just to afford a basic home? They’re now forced to commute through epic traffic, 2 hour commutes etc. They’re hating life in a big way.
IMO < the illegal immigrants drove California’s property prices sky high. Why do I say this?
When you toss in millions of new people to a region, you increase the demand for property. It’s as simple as that.
While some folks would wonder how they can afford homes, most folks don’t think in terms of two or more families living in a single family dwelling. Some of the middle class homes from the 60s, 70s, and 80s are now sporting two families and bits of three more. Some are just flat out housing three to five families.
All these people contribute to the pool of funds. They make it work.
They come from Mexico where the standard of living for many of them is much worse than it is here. Even crammed into a single family dwelling, it’s still better than living in Mexico.
One single middle-class family can’t buy a home here, because so many homes have become two family or more dwellings.
If all we had here were citizens competing for homes on a one family per unit basis, the home prices would not be so elevated.