California, where a modest, burned-out home in San Jose just sold for nearly $1 million, well above its asking price, is in the throes of a housing-affordability crisis. The state’s latest response to the housing crunch: a mandate that builders install solar panels on every new home in the Golden State.
It’s tough to overstate the high cost of housing in California, even relative to the state’s high incomes. In San Jose, the average home costs 10.3 times the area’s median income, according to Demographia’s International Housing Affordability Survey.
It’s tough to overstate the high cost of housing in California, even relative to the state’s high incomes. In San Jose, the average home costs 10.3 times the area’s median income, according to Demographia’s International Housing Affordability Survey.
This high ratio is not due to some local bubble—it’s 9.4 in Los Angeles, 9.1 in San Francisco, and 8.4 in San Diego. Elsewhere in the country— even in relatively prosperous cities with high growth—housing is more affordable. In Columbus, Ohio, and in Atlanta, for instance, home prices average only about three times the median income. Even New York City, considered “severely unaffordable,” scores just 5.7.
Policy gnosticism is a rapidly spreading disease that will flourish until the God's of the Copy Book Headings return. But the rich Lord's will not pay for their folly, only the poor bystanders will.
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