Part 5/15:
California’s housing affordability crisis isn’t simply a matter of supply and demand—it’s rooted in layered regulations, permitting delays, and punitive taxes that inflate construction costs. The state’s complex bureaucracy results in building costs reaching astronomical levels; in San Francisco, for example, constructing a single subsidized housing unit can cost around $7 million due to land prices, permitting fees, and regulatory compliance.
The Effect of Overregulation