You probably know by now that THC loves to keep tabs on the worsening housing shortage in California.
If you’ve been paying attention at all, you know that California’s housing inventory is falling far short of the mark. According to San Jose’s The Mercury News, if you don’t own a home now you just might never own one. And it’s going to get even harder for you to even find an apartment, too.
Here’s a link to a Mercury article from a few day ago that goes into the dire housing straits in California: California’s housing crisis – it’s even worse than you think
Some highlights? Well…(paraphrased from the article)
- The state estimates that it needs to build 180,000 homes annually just to keep up with projected population growth and keep prices from escalating further out of control. For the past 10 years, the state has averaged less than half of that. In no year during that span did California crack the 100,000 barrier.
- Rising rents are contributing greatly to rising homelessness. Between 2015 and 2016, California saw an increase of about 2,400 people. California accounts for about 12 percent of the nation’s population, but more than 20 percent of the nation’s homeless live here.
- Gentrification in big cities is pushing low-income folks out of their homes. (Of course, this isn’t a problem in Humboldt, as anyone with at least one eye could tell you.)
And then there’s this: “The McKinsey Global Institute found that housing shortages cost the economy between $143 billion and $233 billion annually, not taking into account second-order costs to health, education and the environment. Much of that is due to households spending too much of their incomes on the rent or mortgage and not enough on consumer goods.”
Ouch. Good thing our state government is working hard to correct the situation, right? Not so much, as it turns out. Although there are a slew of bills that are aimed at correcting the problem, they’ll all fall short.
Lawmakers recently suggested a $9 billion dollar housing bond – but the nonpartisan Legislative Analysts Office says it will take more than $250 billion to fix the problem. For those not counting at home, our legislators are falling $241 billion short of the mark with their misguided efforts.
The answer? Well, it’s to build more housing, assholes.