California’s Housing Crisis: Part II

(I am starting new, semi-regular sorta-column related to all things housing in San Francisco (title needs work). I figure that some of you (i.e. tenants, qweirdo’s who read this blog, potential tenants) may be interested in this subject, especially if you are planning or even thinking of planning to buy a home in San Francisco. Plus, since I have to read this stuff to stay atop of San Francisco housing rules & regulations, I figured I may as well share some of the more interesting articles I come across) (Part 1 Here)

A recent New York Times article highlights not only the dismal (at least if you’re a buyer) state of our state’s housing issues but also how a state currently experiencing an economic upswing could face a housing calamity. Read on for the gruesome details, high or read some low lights below:

1). “The median cost of a home here is now a staggering $500,000, twice the national cost.”

2). “For California, this crisis is a price of this state’s economic boom. Tax revenue is up and unemployment is down. But the churning economy has run up against 30 years of resistance to the kind of development experts say is urgently needed.”

3). “Housing prices in Los Angeles, San Francisco, San Jose and San Diego have jumped as much as 75 percent over the past five years.”

4). “But the worsening housing crisis here has created a political environment where prospects for a state housing intervention appear more likely than ever.”

5). “California is the toughest market for first-time home buyers and the cost of housing is beyond reach for almost all of this state’s low-income population. Despite having some of the highest wages in the nation, the state also has the highest adjusted poverty rate.”

As ever, please feel free to comment, I would love to read what others think about California’s housing issues.

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