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follow Patrick 2018 Apr 24, 6:30pm
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Californians could be spending at least $50 billion more than they do dining out, going to the movies or shopping. But high housing costs are “crowding out” personal consumption, with more cash going to landlords and lenders instead.If their housing costs weren’t so high, Californians would have enough dollars to buy 15 billion more Happy Meals than it does. They would have enough cash to buy 1.5 billion more Major League Baseball game tickets or 455 million tickets to Universal Studios Hollywood. ...Home building hasn’t been able to keep up with growth, and that’s costing us — big time.“We have just been fundamentally under-producing housing in California,” said Mark Stivers, a state affordable housing official who served 16 years as a consultant to the California Senate Transportation and Housing Committee. “It’s gotten so bad that people making … (up to) $80,000 a year are having a hard time finding housing that they can afford.”California ranks dead last in home construction on a per capita basis in recent years, said Jonathan Woetzel, lead author of the much-cited McKinsey Global Institute report on the state’s housing crisis.