California faces two problems that call for different solutions, says Jed Kolko, economist at the Public Policy Institute of California. Falling housing prices left the state with a foreclosure crisis. Yet housing in the areas where most people live remains expensive, and rents have actually risen.
What can California do? Well, NOTHING. Let the market sort things out. As cruel as this sounds, that is the only option that will work. If the state, Federal, or local governments get involved, all they'll do is make the problem worse.
What can California do? Well, NOTHING. Let the market sort things out. As cruel as this sounds, that is the only option that will work. If the state, Federal, or local governments get involved, all they'll do is make the problem worse.
1236612 8 months ago