House prices in California surpass most of the rest of the United States both in real terms and relative to local income. Residents offer many bogus reasons for high house prices — everyone wants to live here, incomes are higher, the sunshine tax, foreign safe haven and so on — but none of these reasons accurately explain why house prices are so high. California housing costs rank among the highest in the nation because we don’t build enough housing units, resale or rental, to accommodate population growth and job creation.
Categories:OC Housing News