Many would-be homeowners in the Millennial and Gen Z generations are going to need to wait. Despite the fact that some who wished to buy are instead renting, apartment vacancies are on the rise as 27.7 million have moved back in with parents or other relatives, if they ever left home at all. The good… Continue reading Most Younger Generations Still Can’t Afford to Buy
Los Angeles County and the City of Long Beach have been working with Project Homekey, a California state project designed to create more affordable housing by converting hotels into homeless housing. The project was started during the pandemic. The purchase of a Holiday Inn location in Long Beach had already been approved on October 13th,… Continue reading Second Project Homekey Purchase Approved
California, in partnership with Long Beach and LA County, has begun the process for Project Homekey, a project to convert two hotel properties into homeless properties. One will be a 100 unit project and the other approximately 50 units. While it’s not yet announced which properties have been chosen, the decision has already been made,… Continue reading Long Beach to convert hotels into homeless housing
Sales volume and home prices tend to correlate, albeit on a delay of about a year. It’s usually helpful to look at changes in one to predict changes in the other. But sometimes that’s not the case — most notably, at the start of an economic recovery. Looking only to sales volume to forecast a… Continue reading Is sales volume a good predictor of economic recovery?
We’re all well aware that California has been facing a shortage of affordable housing. Affordable housing is also an important step in recovering from the current recession. So, why hasn’t it happened yet? There are a couple of reasons. It’s true that not enough homes are being built, but it’s more complicated than that. Not… Continue reading The obstacles to solving the housing shortage
It’s no secret that California has exorbitantly high home and rental prices as well as increasing homelessness. What may be less obvious is that the issue lies in housing construction. There simply aren’t enough affordable units being built. That’s why California’s Department of Housing and Community Development (DHCD) has established ambitious housing goals for the… Continue reading California gets serious on housing shortage