State lawmakers can pass all kinds of bills aimed at building more affordable housing. But they can’t repeal the fundamental law of supply and demand for desirable land. Land costs are what really drive up housing prices and make homeownership increasingly beyond the reach of so many Californians. Rentals are virtually impossible, too, in attractive regions along the coast, especially San Francisco. Land prices on the coast are among the highest in the nation. A residential acre in the average U.S. metropolitan area is valued at $20,000, the Legislative Analyst’s Office reported two years ago. Along California’s urban coast, an average acre is worth more than $150,000.
Categories:LA Times