05/25/2018

News

California Apartment Landlords Dump Properties Ahead of Rent Control Vote

A push to expand rent control in California is sending a chill through the state’s apartment industry, prompting more investors to sell properties or hold off on buying.

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Amid soaring Bay Area housing prices, a struggle to keep home aides

One rents a spare bedroom in her client’s Berkeley home, paying $200 a month as she waits for word on her application for low-income housing. Another drives from Stockton to the East Bay four times a week because rental prices in her native Oakland became out of reach. A third commutes to Berkeley from Tracy, […]

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“Want to buy a home in California? Here’s how much you need to earn — by county “

You’ll need to earn at least $333,270 a year to qualify to buy a median-priced home in San Francisco — but not all of California is that costly: An income of $35,400 is enough in Lassen County. A California Association of Realtors housing report on the first quarter of 2018 lists median home prices, estimated […]

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California Makes New Homes Even More Expensive

The median list price for a house in California is almost $700,000, the highest in the nation aside from Washington D.C. and Hawaii. This compares to a median list price of $328,000 for the United States as a whole. Prices have been surging in many areas of the state in recent years, and housing costs […]

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Why California Leaves Its Homeless Out in the Sun

Last year California’s homeless population jumped 13.7%, compared with 3.6% in New York and 1% nationwide, according to an annual survey by the Department of Housing and Urban Development. Most homeless people around the country live in emergency shelters or public transitional housing. But in California they camp outside in public spaces. People who once […]

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California Prays to the Sun God

Homeowners with solar panels also benefit from the state’s net metering subsidy, which compensates them for the excess power they produce and remit to the grid at the retail rather than wholesale rate. Yet California sometimes produces so much solar power that it has to pay Arizona to take it to avoid overloading power lines. […]

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Proposed California solar mandate could add $10,500 to cost of a house

California may soon become the first state in the nation to require that virtually every new home be equipped with solar panels. The California Energy Commission on Wednesday is expected to mandate solar arrays on almost all new single-family houses built after Jan. 1, 2020, as part of the state’s fight against global warming. The […]

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As home prices soar, a California commission issues new solar-panel rule that will drive up the cost of new houses by as much as $30,000.

When one is trying to reduce the cost of something, imposing a mandate that increases its cost is counterproductive. The commission argues that it will add only around $40 a month in payments but will save $80 a month in utilities (based on a $9,500 installation cost). My calculations suggest it will add $50 to […]

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California to become first U.S. state mandating solar on new homes

The new energy standards add about $25,000 to $30,000 to the construction costs compared with homes built to the 2006 code, said C.R. Herro, Meritage’s vice president of environmental affairs. Solar accounts for about $14,000 to $16,000 of that cost, with increased insulation and more efficient windows, appliances, lighting and heating accounting for another $10,000 […]

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With no letup in home prices, the California exodus surges

Over a million more people moved out of California from 2006 to 2016 than moved in, according to a new report, due mainly to the high cost of housing that hits lower-income people the hardest. “A strong economy can also be dysfunctional,” noted the report, a project of Next 10 and Beacon Economics. Housing costs […]

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San Diego shrinks ‘granny flat’ fees to spur construction amid housing crisis

Fees to build “granny flats,” which are often nearly equal to construction costs, will shrink sharply under legislation the San Diego City Council unanimously approved this week. The goal is to help alleviate a severe local shortage of affordable housing by spurring construction of more granny flats, which are additional housing units on an existing […]

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Current State of the California Housing Market

Over the decade ending in 2016, more people moved out of California than moved in, and the state still has the highest housing costs in the nation. Job growth is up across low-, mid- and high-income earners, but while wages have increased across all categories, low-income earners haven’t seen their paychecks increase at a comparable […]

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Rent control measure on its way to California ballot

California voters this year will likely decide whether cities across the state should have more power to enact stronger rent control. Rent control proponents behind a proposed November ballot initiative that would allow cities and counties to pass strong rent control laws say they now have enough signatures to qualify the measure.

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Owning Is the New Renting: Homeownership Trends Upward as U.S. Loses Renter Households

Rising wages, loosening credit standards and demographic shifts are all creating momentum for owning rather than renting. The homeownership rate rose from the prior year for the fifth consecutive quarter in 2018, according to U.S. Census data released Thursday. It held steady at 64.2%, unchanged from the prior quarter and its highest level since 2014. […]

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Are construction costs killing new Bay Area housing?

Even with apartment rents near record highs, rising construction costs and city fees are slowing down housing development around the Bay Area. In San Francisco, 4,500 new units were completed in 2017, down 14 percent for the year. Completions are expected to fall further based on the pipeline. . . . Developers are grappling with […]

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