This is a problem of supply. “An unprecedented $1 billion” will buy you at most three thousand new dwellings, probably fewer given high cost and inefficiency of housing construction in California.
California has been under-building housing for decades, to the extent that people will call this current activity a housing “boom” even though it’s only slightly above historic lows.
California has been under-building housing for decades, to the extent that people will call this current activity a housing “boom” even though it’s only slightly above historic lows.