Elizabeth Zach, RCAC staff writer
California already is one of the most expensive states to live in, but housing analysts say that residents there—in particular, renters—will likely face even higher costs in the near future.
“It’s getting harder and harder to live here,” David Shulman, a senior economist for the Anderson Forecast, told the Sacramento Bee. “The state is running out of people who can afford the $3,500 per-month rents so those prices are beginning to fall … but if you look at the one-bedrooms for $1,500, those rents are continuing to go up.”
State legislators have been unable to come up with a viable, long-term solution to the rapidly increasing California real estate costs. Affordable housing, as well, often faces stiff opposition from residents. The state Senate recently considered several bills directed at boosting supply and easing affordable housing construction regulations. Last week, legislators approved a budget that included no new money for affordable housing.
“By not building enough housing,” Sen. Scott Wiener, D-San Francisco, said in a statement following the bills’ announcement, “we are driving up evictions and homelessness, pushing people out of our state and jeopardizing the success of young people.”