California Crisis

[Axtremus]

Haven’t seen @Jolly posting anything about California’s problems for a while, so I figure I’d post one for him.

https://www.bloomberg.com/news/articles/2022-05-03/buying-a-house-in-california-prices-keep-soaring-as-mortgage-rates-rise

“Housing is a pressing issue for Governor Gavin Newsom, who has called the cost of living, as well as endemic homelessness, existential threats to the state. …”
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”Only one in four California households could afford the median-priced home at the end of last year, with an even lower rate among Latino and African-American families. …”
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”The housing shortage is the biggest reason the state’s population has stopped growing, said Stuart Gabriel, professor of finance and real estate at the University of California at Los Angeles. …”
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The median single-family home price in California has surged to $849k as of March 2022. Meanwhile, ”State senate leaders now expect a record $68 billion budget surplus for next fiscal year, thanks to a surge of taxes collected from high earners.”