Noted real estate writer John Lanser feels he is being sold housing crisis that doesn’t really exist.
“Yes, I look at the stats. Yes, I’ve read the studies. Yes, it’s pretty obvious that lots of housing in California is very expensive. Yes, there’s limited choices for house hunters and tenants seeking rentals.”
So what makes him doubt there is crisis when prices are soaring, the state is producing half the amount of housing required and the capital is flooded with housing legislation?
Migration patterns – people are fleeing the state in droves to places with cheaper housing. In fact, California is tops at retaining its citizens. Perhaps the state’s many attributes are still so attractive people don’t move, or perhaps homeowners can’t move because many of them are still underwater.
So this one fact, negates all the rest I guess. Or at least, it has lead John to downgrade the crisis to a ‘challenge.’
He then runs down all the usual suspects that brought us to where we are now – greedy developers and landlords, selfish NIMBYs, foolish politicians, profligate lending by banks, opportunistic advocates and limited water and energy resources.
He then warns that any solutions will create new winners and losers, so we have to be careful – perhaps with the implication we really shouldn’t do much of anything because the crisis is all hype.