Curbed: Fewer People are Buying Homes in California

Home ownership in the state is the lowest it has been since the 1940s.

When California is called out in the news for anything housing related, it often has to do with San Francisco’s lofty rent prices. But now, a report from the state’s Department of Housing a and Community Development has found that there’s a housing shortage pushing up prices.

According to Curbed, California’s home ownership rates are the lowest they’ve been since the 1940s. In order to meet demand, 180,000 new homes need to be built in the state every year. But construction is falling short—over the past decade, an average of 80,000 homes have been built every year.

California is considering a few different ways to solve the problem. Options include investing in modular construction to using taxes on second homes to finance low-income housing.

To read the original article, click here.