Tag: housing crisis

California’s housing crisis can seem insurmountable. The median home price is more than $800,000, the state needs millions of additional homes to give everyone a place to live and homelessness is on the rise. Progress is abysmal. The state called for the construction of 180,000 new units annually between 2015 and 2025 to close the gap. We built fewer than half as many, only about 80,000 new units per year.

The severity of California’s housing crisis is difficult to exaggerate. Families in which spouses both have solid middle-income jobs struggle to afford mortgages for condos, not just single-family homes. Families in which spouses both have lower-income jobs often share apartments with others. Many single employed people — and some families — have no choice but to live in their cars. The nation’s richest state is also, perversely, its most impoverished.

Fresh from beating back a recall, the governor signed a package of bills to address the California housing crisis. But what do these new laws mean for housing affordability in a state where median home prices have already shot past $800,000?

As California enters another period of drought, experts say the dry spell could make an already difficult housing market even worse.

California has a lot of moratoriums it needs to worry about. Even as Gov. Gavin Newsom and state lawmakers rush to extend California’s eviction moratorium before it expires next week, another big deadline looms on the horizon. In November, the state’s moratorium on insurance companies dropping coverage for Californians living in wildfire-prone areas is set to end — meaning at least 2.1 million residents could soon find themselves without homeowners’ insurance.