California’s housing crisis has gotten worse, not better, over the last 30 years

The Public Policy Institute of California is marking its 30th anniversary with reports highlighting the ongoing housing crisis in the state. Despite adding 3.6 million homes since 1990, housing costs have soared, with median home values increasing by 56% and rents by 38%. This has led to a low homeownership rate, particularly among young adults and minorities. The study notes that high housing costs contribute to homelessness and financial stress, especially for lower- and middle-income families. However, a potential decrease in demand could help alleviate the housing shortage.