Common-Sense Policy Reforms for California Housing

Cato Institute, Policy Analysis No. 920

16 Pages Posted: 20 Sep 2021

See all articles by Lee E. Ohanian

Lee E. Ohanian

University of California, Los Angeles (UCLA) - Department of Economics; National Bureau of Economic Research (NBER)

Cato Institute

Cato Institute

Date Written: August 31, 2021

Abstract

California housing has become unaffordable. As of February 2021, the median California home price was nearly $700,000 and the median condominium price was $515,000. The median rent for the same month was $1,733. Based on industry mortgage financing and renting standards, this means that both homebuyers and renters require household incomes of nearly $100,000 to qualify for housing.

Keywords: Housing, California, Policy Reform, Urban Growth, Housing Affordability, Zoning, Taxing, Environmental Policy

JEL Classification: A00, B00, I00, R00, R20, R21, R22, R23, R26, R30, R33, R31, R32, R50, R51, R52, R58

Suggested Citation

Ohanian, Lee E. and Institute, Cato, Common-Sense Policy Reforms for California Housing (August 31, 2021). Cato Institute, Policy Analysis No. 920, Available at SSRN: https://ssrn.com/abstract=3924401

Lee E. Ohanian

University of California, Los Angeles (UCLA) - Department of Economics ( email )

Box 951477
8283 Bunch Hall
Los Angeles, CA 90095-1477
United States

National Bureau of Economic Research (NBER)

1050 Massachusetts Avenue
Cambridge, MA 02138
United States

Cato Institute (Contact Author)

Cato Institute ( email )

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United States

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