Although California ranks eighth among global economies, the state also holds the dubious distinction of having the highest poverty rate in the United States. Analysts say the exorbitant housing costs and shortages are the cause. Others observe that recent wildfires that have destroyed thousands of homes are contributing to the problem.
A new project for both farmworker and workforce housing will be the first of its kind in Woodburn, Oregon.
In the quarter ending June 30, 2017, Rural Community Assistance Corporation (RCAC) closed 14 loans totaling nearly $8 million to assist rural communities in Arizona, California, Colorado, Hawaii, Idaho, Montana, Nevada, Oregon and Washington. Among those that received loans were a nonprofit organization that supports Arizona migrant workers and a rural Nevada food hub.
California is building barely enough new housing amid population growth, although state lawmakers have several options to address the crisis during this legislative session.
Housing supply across the country has declined for the past two years and this scarcity has caused homeownership to hit a near 50-year low. Now, with more than 80 million millennials nearing home buying age, the shortage is expected to only worsen.