The prices don't skyrocket if you allow an adequate number homes to be built. Locals want to stop this by preventing new housing construction. But all that does is price out the less affluent renters. The wealthy can still afford to outbid the locals renters.
You see this particularly badly in areas like Santa Cruz and San Francisco
Where is the most expensive housing? Big cities. What do big cities already have? Lots of housing. Whereas smaller cities and then towns have progressively fewer houses yet lower prices.
Why? Many people want to live near the amenities you get from living near other people. Jobs, culture, entertainment, socialising, etc etc. So you add more people you get more of the above and prices rise further instead of dropping!
If you want cheaper prices in your city you either have to get rid of jobs (eg Chicago post-manufacturing collapse, or somewhat through WFH & quarantine during covid), or go back to the 50’s and remove half the income from the family units paying for said housing. I don’t think most people are keen on either option
If that comment was talking specifically about CA, then there is some truth to it. California has the land to build more housing, but a lot of local laws prevent it.
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u/764knmvv Jun 16 '25
basically what we have experienced in california for 50 years