State Report Finds CA 'Dramatically Undersupplied for Housing'
Wednesday, October 19, 2011 at 10:41AM A new report by the Department of Housing and Community Development reveals that California still faces a lack of housing. UPDATE: The report can be downloaded here.
According to an article in the San Gabriel Valley Tribune, the study, "The State of Housing in California 2011: Supply and Affordability Problems Remainm" reveals that California lacks an adequate supply of housing in the right locations that is affordable to families, California's work force and its special-needs populations.
Said Steve Johnson, who oversees the Southern California office of Metrostudy, a real estate information and consulting firm:
We are dramatically undersupplied for housing. I think housing has already been stretched. Appreciation in the rental markets is up and rental occupancy rates are high. It's at about 94 percent in the Inland Empire.
Four major demographic groups will be driving the housing market over the next decade, the report said:
- Older baby boomers, who will live longer than previous generations and constitute a senior population unprecedented in size.
- Younger baby boomers, many of whom may be unable to sell their current suburban homes to move to new jobs.
- Generation Y, which will be renting housing far longer than their predecessors in past generations, partly because of high college debt.
- And immigrants and their children, many of whom will want to move to the suburbs but may find housing there too expensive, even after the current drop in prices.
Reader Comments (1)
Think of it as something that could be we formed in the future for good.
t's real estate development after all. And nothing can be done when someone has decided that this is going to be it. Everyone wants a nice service or a beautiful service as it looks like every corner uses the same language,style and design when it comes to this thing. And to be honest everyone would say it if not like that than at least that it is true. Even OC Estates and http://robinsheppard.yourkwagent.com/ have agreed on that.