It has been well documented that there is a housing problem in California and every major city.
The one silent killer is the number of empty houses.
Yes, in your neighborhood there is a house that sits empty.
I can guarantee it.
From a Fire to a dead neighbor to AirBnB there sits at least one house in every neighborhood, apartment complex, and even mobile home park that is empty.
I did a quick survey of my own 10 mile commute and I found a lot of empty homes ..seriously from plots of land to be developed to plain empty space there was a total of 119 apartments, homes, mobile homes, and spaces for housing that were vacant.
That didn't include hotel rooms or rooms inside of homes that could be rented out.
So why is there such a high volume of empty homes?
Banks and Insurance.
To get a home one must have a mortgage and most mortgages are thru banks and when there is an empty home its just like an investment that sits and earns money for you. Banks make money or show money by properties and insurance plans for the mortgages that are out there.
Equally, an apartment complex can have 36 apartments and rent only 30 out at a higher rate because there is limited supply ...one the apartment complex created but someone is willing to pay $2400 a month for an apartment which is considerably more than $1800 a month for apartment number 36.
Part of the reason I came to this conclusion was after the rigor mortis farce that accompanied the uprising of the Landlords during the recent Rent Control plan that did nothing to add more housing or lower current rates. Only 90 or so landlords spoke up...90 ...in town of over 1 Million people that is less than .05% of the population that is the landlord to nearly 250,000 people whom rent.
Yes, there are coalitions and no we didn't hear from everyone but if you were wondering about the 1% it might be your landlord.
Why blame the Landlord because that person may not be the landowner who has a mortgage and insurance on said property and doesn't benefit from having full occupied properties.
Will the housing situation improve? I do not think so even as I know that people are leaving the state because they can't live here. Students are objecting to tuition increases because Schools have to pay for teachers to live here.