Dept_of_HCD_Cakifornias_Deeping_Housing_Crisis_92607 -...

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STATE OF CALIFORNIA -BUSINESS, TRANSPORTATION AND HOUSING AGENCY ARNOLD SCHWARZENEGGER, Governor DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT Division of Housing Policy Development 1800 Third Street, Suite 430 P. O. Box 952053 Sacramento, CA 94252-2053 (916) 324-8652 FAX (916) 327-2643 California’s Deepening Housing Crisis September 26, 2007 High Demand/Low Supply California continues to experience very high rates of population growth and further tightening of its housing markets. Even encompassing the recession of the early 1990s, California’s population grew by an average approximating 450,000 people annually and is projected to gain around 600,000 annually over the next decade. 1 As of January 1, 2007, California’s population was 37,662,518 which added close to 470,000 people in 2006. 2 The population increased almost 1.3% from calendar year 2006, at the similar growth pattern of 2005. 3 As in 2001, the United States became home to more than one million immigrants in 2002. 4 A total of 232,006 persons immigrated to California in 2005. 5 Housing production has not kept pace with the State’s housing needs particularly in the coastal metropolitan areas and housing need has worsened, especially for renter households and low-income owner households throughout the State. During the 1980s, 2.1 million units were built whereas the 1990s saw only 1.1 million units built. While the average annual need is projected at approximately 200,000 housing units, construction has lagged substantively below the need 6 . Since 1999, housing production has averaged 174,000 residential new construction permits per year. During 2006, 164,280 new homes and apartments were built, a reduction of almost 45,000 units compared to the 208,972 in 2005 and 212,960 in 2004 which represented one of the highest productions levels since 1989. 7 The greatest production gap is in multifamily housing. Multifamily development only accounted for approximately a quarter of all new units during the 1990s, a drop of nearly 70 percent from the levels of the 1980s. Since 2000, the number of multifamily units has increased slightly, totaling approximately 28 percent of all new units constructed. 8 1 State of California, TABLE B-1Department of Finance, 2007 California Statistical Abstract, 47 th edition. 2 State of California, Department of Finance, E-1 Population Estimates for Cities, Counties and the State with Annual Percent Change — January 1, 2006 and 2007. Sacramento, California, May 2007 . 3 Ibid. 4 State of California, Department of Finance, Legal Immigration of California in 2002 . Sacramento, California, October 2003 5 State of California, Department of Finance, Legal Immigration to California by County, 1984-2005, 6
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Dept_of_HCD_Cakifornias_Deeping_Housing_Crisis_92607 -...

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