Housing crisis looms while lawmakers drag their feet

Despite signs that home prices may be stabilizing, California still faces a severe housing crisis. Throughout the United States, 55 percent of households can afford to buy a median-priced home. In California, that number has fallen to 30 percent. High prices have taken their toll on the rental market also, which is fueling mistaken calls for statewide rent control – a policy that will further distort the market and reduce housing supply over time.
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