Rent control bill is not the solution to state’s housing crisis


Rent control bill is not the solution to state’s housing crisis

2018-06-27T19:21:47+00:00June 27th, 2018|Advocacy, Local Updates|

“California’s housing crisis continues to spiral out of control.

Just last week, the California Association of Realtors reported that May 2018’s median price for a home in California was more than $600,000, a 9.2 percent increase from May 2017 and hitting a new high for the first time in more than 10 years.

While it’s true that these jaw-dropping averages are largely driven by the Bay Area and other hot markets, e.g., five counties in the nine-county Bay Area have a median price above $1 million, the cost of housing continues to climb across the state.

In Kern County, the median price reached $247,750, reflecting a month-to-month increase of 5.4 percent and a year-over-year increase of 7.7 percent.

It’s not just home ownership that is increasingly out of reach for most Californians. With vacancy rates at all-time lows, rents across the state have soared as well.”

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