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A McKinsey Global Institute report estimates that the housing shortage is costing the California economy between 143 and 233 billion dollars per year, from lost construction activity (at least $85 billion annually), lower consumption of consumer goods because of high housing costs (at least $53 billion annually) and the costs of providing ...
The analysis was somewhat optimistic about the battered California housing market. “Higher mortgage rates should send prices lower,” it said. In January, sales of existing single family homes ...
When the agricultural season ends, the state’s expensive housing sends migrant workers back to Mexico or to nearby states. California has a housing crisis. Why are thousands of farmworker ...
A 2019 report estimates that 4.75 million households in Great Britain are in need of adequate affordable housing. [19] In the 2019 general election, both major political parties identified the housing gap as an obstacle for the country, and pledged to increase housing supply.
In January 2024 at least 187,084 people were experiencing homelessness in California, according to the United States Department of Housing and Urban Development. [ 1 ] : 8 This is 0.48% of California's population, one of the highest per capita rates in the nation.
California has long faced one of the largest housing deficits in the United States. In December 2022, CNN reported California had the largest deficit in the nation. A combination of inflation ...
In 2024, zoning remains a much-discussed avenue to alleviate the housing shortage. [14] Mayor Breed proposed in July 2024 rezoning for more housing in areas that currently require a high percentage of office space. [15] And there were a number of state led bills to loosen zoning restrictions near public transit. [16]
Learn more on what to expect from the economy in 2024. Get predictions about home affordability, inflation, recession potential, consumer confidence and more.