Topic: Cost of Living
News
Feb. 12, 2015
Despite the recovery, California is still experiencing the aftereffects of the most recent housing bust, and the long-term challenges of housing California’s population haven’t gone away. The housing bubble, which popped in 2008, left the state with a foreclosure problem and large losses of construction jobs. About 652,000 California homeowners remain “underwater”—their mortgages are higher than the market value of their homes (CoreLogic, 2014 second quarter). Paradoxically, a housing recovery for some is a housing problem for others, as high rents and increasing prices place housing out of reach for many Californians.
News
Feb. 12, 2015
One of the main reasons for the disparity is the difference between California and the nation when it comes to the cost of housing – and this is readily apparent in the new numbers released by the BEA. The state has been in the midst of a housing shortage for years now, due in large part to regulatory hurdles such as the California Environmental Quality Act (CEQA) and other legislation that constrains construction. The lack of supply pushes up prices and forces residents to commit more of their disposable income to housing. According to the real estate research firm DataQuick, the median price for an existing home in California was $388,000 in December 2014, nearly double the national median home price of $209,500, as reported by the National Association of Realtors.
News
Feb. 11, 2015
Opponents of the auctions, led by business interests, believe the transportation fuels auction will force companies to pass on their costs to consumers, resulting in higher prices.
News
Feb. 11, 2015
“Instead of cherry-picking job creation in favored industries benefiting wealthy areas, we should be growing jobs in impoverished communities that continue to suffer from disgracefully high unemployment rates,” Vidak said.
News
Feb. 11, 2015
The release of climate change proposals by Senate Democrats on Tuesday quickly spawned a heated debate over the direction of California's economy and the potential effect of new environmental regulations.
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