Not really, the major factor is the artificially manufactured inability to build new high density living spaces.
Current homeowner/landowners have no motivation to allow new housing development from being built. It would just lower their homes value and decrease rent from current landlords. So they lobby or help elect local politicians that place policies that make it increasingly harder to develop new properties.
California is huge, and most of the cities are already sprawling over huge areas. You could probably shrink a city like LA to a quarter of its size if you just increased vertical construction. There’s just no reason for land developers to build anything that devalues their other properties.
is probably the land that give it value, i have seen multimillion empty lots in expensive cities
Surprise! People like living a ten minute bike ride from Redondo Beach in a reasonably nice SoCal city. Who could have seen it coming?
it is a surprise. I did not think people who could afford this cost of housing liked to bike so much.
Not really, the major factor is the artificially manufactured inability to build new high density living spaces.
Current homeowner/landowners have no motivation to allow new housing development from being built. It would just lower their homes value and decrease rent from current landlords. So they lobby or help elect local politicians that place policies that make it increasingly harder to develop new properties.
California is huge, and most of the cities are already sprawling over huge areas. You could probably shrink a city like LA to a quarter of its size if you just increased vertical construction. There’s just no reason for land developers to build anything that devalues their other properties.