March 24, 2017
Prices soared 11.4 percent higher across the nine-county region compared with the same month of the prior year, reaching a median price of $675,000 — the largest such increase in more than a year.
Due to California’s High Housing Costs, Total Annual Costs Escalate Quickly Depending on Whether Students Live At Home or Off Campus
Recent analysis by LAO stated that after factoring in housing costs, total annual costs for attending Community College in California goes from the lowest to the 7th highest in the nation for students not living at home with their families. The following LAO conclusions were based on 2013-14 data. California housing prices have escalated rapidly since then.
March 21, 2017
The possibility of a tax-code overhaul is casting a shadow over the $10 billion affordable-housing industry, which receives tax credits so valuable they often determine whether or not projects get off the ground. . . Developers said investors are valuing the credit 10% to 20% lower since Election Day. In some cases, investors have walked away, opening up funding gaps in projects already in motion. Because developers already walk a financial tightrope to build low-income housing, some projects are simply failing.
March 21, 2017
"There are many ways governments can support the construction of affordable housing. One is to pare back some of the byzantine regulations that control housing development at the state and local level—NIMBY land use and zoning restrictions, unrealistic regulations regarding construction and labor procurement methods—that drive the cost of new housing through the roof. And when that doesn’t work, city and state governments can subsidize rents.
But to create an elaborate investment tax code workaround to problems that blue model governance has created through overregulation, cost inflation, and bureaucratic micromanagement only builds new layers of cost and complexity over the old ones. And of course there is the problem of moral hazard created when it becomes impossible to build housing for the average person with an average income in a given area without getting ‘help’ from insiders who can help you navigate the bureaucratic morass.
March 20, 2017
Average monthly rentals in the Inland Empire rose 6.7 percent in February to $1,501 compared with $1,407 a year earlier. The region’s occupancy rate held steady at 95.7 percent, although it was up from 95.4 percent in February 2016.