3 obstacles pushing California toward majority renter status

  • Over-regulation, the high cost of living, slow new construction and the lack of affordable housing available for sale are all stifling the growth of homeownership in California.

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Inman Connect San Francisco, Jul 16-20, 2018

"In a few years, California will be a majority renter state," predicted California Association of Realtors Chief Economist Leslie Appleton-Young during the association's "The California Series: State of the State" panel this week. Appleton-Young, along with California Business Roundtable President Rob Lapsley, Los Angeles City Controller Ron Galperin, and California Budget and Policy Center Executive Director Chris Hoene as panelists, said the future of homeownership in California is hanging in the balance. High cost of living, the lack of job growth for middle-class individuals and families, the lack of access to affordable housing, and local regulations are all keeping developers from meeting affordable housing needs. What's holding up progress? 1. The exorbitant cost of living "You could buy a really beautiful house for what it would cost to remodel a kitchen here," said Galperin of his recent trip to the Peach State's capital. Although his comment was met with chuckl...