More people. Prices stuck in the stratosphere. Vanishing open land. These and other factors give the housing crunch new bite.
If Southern California’s housing market of the last six years were a hit song, owners who have seen their homes double in value would be humming “We’re in the Money.” But for countless others who can’t afford to buy or to pay rising rents, the flip side of the record would be “Desperado.”
Despite political strides — Los Angeles last fall fully funded for the first time a $100-million affordable-housing trust — and the construction of new homes in all price ranges, the region’s persistent housing crisis has only gotten worse, experts say. Record-high home prices, unflagging demand, population growth, lack of developable land, sky-high land and building costs and government regulations have exacerbated the situation.