Californians Have a Plan to Solve the Housing Crisis

California's population is soaring, and yet available, affordable housing stays stagnant. Basic knowledge of supply and demand laws highlight why the crisis is affecting many in the state negatively. 

The cost of living is so high in California that many are sharing units just to stay afloat. Often roommates are splitting smaller spaces at double the price.

Others are choosing to build micro-units on their property for rental income. These types of dwellings are called Accessory Dwelling Units. Many homeowners are finding success renting out smaller spaces, saving their assets and helping to make ends meet. 

California's housing supply has made most homes astronomical at levels unseen since 2007. The median home value in the state is right under $490,000, and it's nearly impossible to find reasonable rental options. For example, the median rent in San Francisco is up to $4,170 a month. 

State Senator Bob Wieckowski wrote a bill to provide relief for state residents. It was passed in 2016 and revokes all ADU city level ordinances, making it much easier to have a rental unit on personal property.  

This shift in housing trends could possibly be a case study for the rest of the country. California is not the only state in the nation with a dire housing crisis. If successful, many would benefit from profits or lower rent, making way for a positive impact on the economy.

Discover more on this potential housing trend by reading the entire Business Insider article: https://ow.ly/FN4A309VXPV

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