California Home Builders are Pulling Back. How will this affect the CA housing crisis?
California Home Builders are Pulling Back. How will this affect the CA housing crisis? Living in Southern California is notoriously Expensive . Living expenses are high, and Los Angeles consistently ranks among the top ten most expensive cities in the nation. In addition, the state of California has been experiencing a housing shortage for the past several decades. The California population keeps growing, and housing development is not keeping up. Unfortunately, California homebuilders have recently scaled back in their production of new homes, which will only serve to exacerbate the crisis in the coming years. In the Los Angeles-Orange County metro area, the submitted permits have dropped by 25%, with building permits for single-family homes dropping by 18.5%. This means that there will be even less supply of both rental properties and homes in the coming years. With the California population growing by roughly 0.05% (or more than a million people) every year, it ...