CA home and rent prices are among the highest in the U.S., and the state is struggling to combat a homelessness crisis and housing shortage.
WhatMattersIt’s such a fundamental part of California life it almost feels silly to say. Along with good weather, sunny beaches, Hollywood and the Golden Gate Bridge, the skyhigh cost of housing has become part of the state’s national identity.
In the late 1960s, the value of the typical California home was more than four times the average household’s income. Today, it’s worth more than eleven California’s homeowners also skew significantly white. White Californians are twice as likely as Black Californians to own, according to 2022 Census data. That racial gap widened over the years, which also means Black Californians are less likely to build wealth over time, said Carolina Reid, associate professor of city and regional planning at UC Berkeley.
People lose their homes for a wide variety of reasons. The sudden loss of a job, a mental health crisis, a severe substance abuse problem and becoming the victim of domestic violence are common factors that can push a Californian into homelessness. But there’s no evidence that California experiences those social ills at substantially higher rates than other states.
In most of the state’s major urban areas, the bulk of a single-family house’s price is locked into the land it sits on. That high price tag on the cost of actually buying a parcel, prepping it for construction and getting the regulatory approval to break ground not only makes new housing more expensive, it influences what kind of housing gets produced: Developers prioritize high-end projects, since even the cheapest pre-fab unit will come stuck with a steep fixed cost.
With the end of redevelopment came the end of the single largest source of non-federal money for affordable housing in the state. Between 2013 and 2018, state investments in affordable housing dropped from anSpending ramped back up during the Newsom administration through a combination of new bond sales, the rare tax measure and a glut of one-time funding during good budget years.
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