The effect of California’s housing crisis is reaching new heights.
According to a new report from the University of Southern California and the Los Angeles Business Council, exorbitant housing costs in Los Angeles, the second most populous city in the US, are inhibiting employers from attracting “high-performers,” or top talent, to their companies.
For the study — which was led by Raphael Bostic, a USC Price School of Public Policy Professor and the newly appointed head of the Atlanta Federal Reserve — USC surveyed 14 of Los Angeles’ largest employers, which account for nearly 200,000 jobs in the region.
Nearly 60% of the employers say Los Angeles’ high cost of living impacts employee retention, with 75% naming housing costs as a specific concern, according to the survey results. Further, 10 employers (71%) view high housing costs as “a barrier” to hiring new mid- and upper-level employees.
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