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09/18/2019

San Diego Mayor takes on NIMBY

WSJ By Mene Ukueberuwa Sept. 13, 2019 6:11 pm ET

California owes its statehood in part to the 300,000 people who rushed in more than a century and a half ago, seeking their fortune in the Sierra Nevada’s golden foothills. Today the Golden State’s nonimmigrant population is shrinking by that amount every two years as the middle class rushes out in search of affordable homes—a resource just as coveted and now nearly as rare. Restraining the rise of home prices has become a priority for policy makers throughout the state, whose choice of solutions could form a template for addressing similar price surges nationwide.

The problem is worst on the coast, where employees of the booming technology industry and related fields are bidding up prices of the limited supply of homes. Reflecting on the pace of change in his city, San Diego Mayor Kevin Faulconer nearly stutters over his words. “The average price for a San Diego house is about $590,000,” he tells me. “In 2013, it was probably, what—no that’s right: about $370,000.” That’s a 60% increase....click here to read more.

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