Homes are losing value across California. This is how homeowners can fight back.

WASHINGTON, Aug. 15, 2022 /PRNewswire/ -- Home prices began falling in June in the metro areas of San Francisco, San Jose, Los Angeles, Riverside-San Bernardino, Sacramento, and San Diego, according to analysis by the American Enterprise Institute's Housing Center. At the same time, housing supply remains at historically low levels and homes remain out of reach even for middle-class workers. This is a crisis, and the AEI Housing Center is hosting events across the state to provide cities and homeowners with the tools they need to address it.

Think of modest "Light Touch" increases in housing density as the tortoise in the effort to increase supply. Slow but steady increases to supply over say 10 years will dramatically increase California's housing supply, create more affordable new homes, and unlock wealth for current homeowners, according to a new study of 200 metros released by the American Enterprise Institute's Housing Center. The key ingredient for affordability is that with light tough density, home price appreciation over time will rise more in line with wages. Thus light touch density can help address California's chronic housing supply shortfall while retaining the look and feel of small scale residential neighborhoods.

The AEI Housing Center is bringing this message to six cities across the state in a series of free events open to the public. On August 2nd AEI released a free Housing and Economic Analysis Toolkit (HEAT) to help inform local policymakers, interested groups, and citizens across California on how to implement achievable solutions that increase housing with a "light touch." 

In San Diego County, for example, light-touch increases in single family detached density could result in 31% more homes built per year, a 10% reduction in price, and a 21% increase in property taxes. This light touch density achieves natural affordability without reliance on subsidies, income limits, or expensive infrastructure improvements. Light touch density, when applied to existing homes, gives homeowners the right to unlock the hidden value in the lot under their homes by repurposing their land.

Registration is open for 6 California free conferences to be held the week of September 19, 2022.

These conferences are free and open to all—please forward to anyone else who might have an interest. Each conference will be packed with information and presentations to help to tackle the most pressing housing issues facing Californians.

Visit aei.org/california-housing-conference to register

Conference dates, times, and locations

Media Contact Details:

Arthur Gailes
American Enterprise Institute Housing Center
aei.org/california-housing-conference
[email protected]
804-662-0874

SOURCE AMERICAN ENTERPRISE INSTITUTE FOR PUBLIC POLICY RESEARCH

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