California needs 180,000 new homes each year while annual production over the last 10 years has averaged fewer than 80,000 homes. Several factors are contributing to the shortfall and there are no quick fixes, according to a partner with real estate development firm Cox Castle Nicholson.
Solutions could include zoning reform to allow for higher density development, a relaxing of environmental regulations, and better coordination among agencies that regulate housing development. These issues are complex, and require cooperation among government entities. Programs such as lending subsidies could help create more below-market rate units.
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