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Chronic shortages of housing supply inflates California house prices
invite response
2014 Aug 21, 11:03pm 1,256 views 4 comments
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3
Y
2014 Oct 14, 12:12am
Y
2014 Oct 14, 12:12am
double secret otherwise known as millennials screaming: "I'm just plain stupid so i can't earn mine so i want youse's..."
Otherwise known as boomers yelling: I GOT MINE!
4
mmmarvel
2014 Oct 14, 1:07am
During the period of January 2011 to March 2014, there have been slightly more single-family housing starts in Houston (95,037) than in California for the entire state (94,993).
http://www.aei-ideas.org/2014/05/chart-of-the-day-california-vs-texas-in-one-chart/
http://ochousingnews.com/blog/chronic-shortages-housing-supply-inflates-california-house-prices/
Empowered by State regulations, local development opposition groups prevent construction of much-needed home supply creating shortages that inflate prices.
When any commodity is in short supply, prices tend to rise; houses are no exception. Beginning in the 1970s, California produced more high paying jobs than it did houses. As a result, there were not enough houses to go around, so people began substituting down in quality to obtain a place to live. This downward substitution effect lifts house prices at every level of the housing ladder and prices out the lowest tier of the housing market.
Source: http://ochousingnews.com/blog/chronic-shortages-housing-supply-inflates-california-house-prices/#ixzz3B7qk4wFw
#housing