Why California is so expensive: It’s not just the weather, it’s the regulation
I don't get why this is surprising. The goal of nearly all of these regulations is, effectively, to prevent housing from being built. They reduce supply, while demand is increasing. This is basic economics.Compare this to Toronto. Housing is getting more expensive here, yes, but not at nearly the same rate. Demand is increasing because of high immigration, but supply is being allowed to increase as well- and mostly in the up direction. There's a condo over on College street that just opened, 60 floors or more I believe. An 80+ twin tower condo is I think now approved by the city over on King. The main strip of North York must be averaging 25-30 stories tall, and it's 15km from downtown!If California wants to lower their housing prices, they need to have supply match demand. To do that, they need 50 story buildings. A lot of them. And they need to start soon, because they take years to build.