California housing crisis affecting middle class the most: It’s ‘a broken system’
Fox News quoted Richard Green of the USC Lusk Center about the contributing factors in California’s affordable housing crisis.
“Supply and demands works,” said USC real estate professor Richard Green. “People want to be here and we’re not accommodating them with new housing and so the cost of the housing goes up.”
A similar, albeit larger project in Los Angeles fought environmental lawsuits for 20 years. “Very often these lawsuits are not won, but it extends the time it takes to do the development and in development time really is money,” Green said. “The thing about environmental groups is they just don’t trust developers, period. We’re one of the fastest-growing states in the country when it comes to jobs and we’re not building any housing. California has the second lowest rate of homeownership in the country. Only Hawaii is lower.”