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In this video we look at the current state of the California economy and specifically the issues of housing affordability and homelessness. California has a median home price greater than $800,000 which is unaffordable for most people. Local zoning laws make it almost impossible to significantly increase the housing supply. The longstanding housing shortage has led to a massive homelessness problem with more than 160,000 people going unhoused. This is the highest rate of homelessness of any state in the US by far.
0:00 - 1:46 Intro
1:47 - 3:04 Incogni
3:05 - 5:10 Birth of silicon valley
5:11 - 6:59 Homelessness
7:00 - 7:49 Housing shortage
7:50 - 9:29 Zoning laws
9:30 - 11:38 Not in my back yard
11:39 The great exodus
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All materials in these videos are used for educational purposes and fall within the guidelines of fair use. No copyright infringement intended. If you are or represent the copyright owner of materials used in this video and have a problem with the use of said material, please send me an email, wallstreetmillennial.com, and we can sort it out.
#Wallstreetmillennial #califonia #leavingcalifornia
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Buddha by Kontekst https://soundcloud.com/kontekstmusic
Creative Commons — Attribution-ShareAlike 3.0 Unported — CC BY-SA 3.0
Free Download / Stream: http://bit.ly/2Pe7mBN
Music promoted by Audio Library https://youtu.be/b6jK2t3lcRs
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Sponsored by Incogni
In this video we look at the current state of the California economy and specifically the issues of housing affordability and homelessness. California has a median home price greater than $800,000 which is unaffordable for most people. Local zoning laws make it almost impossible to significantly increase the housing supply. The longstanding housing shortage has led to a massive homelessness problem with more than 160,000 people going unhoused. This is the highest rate of homelessness of any state in the US by far.
0:00 - 1:46 Intro
1:47 - 3:04 Incogni
3:05 - 5:10 Birth of silicon valley
5:11 - 6:59 Homelessness
7:00 - 7:49 Housing shortage
7:50 - 9:29 Zoning laws
9:30 - 11:38 Not in my back yard
11:39 The great exodus
Sign up to our daily newsletter for free: https://wallstreetmillennial.com/newsletter
Email us: Wallstreetmillennial @gmail.com
Support us on Patreon: https://www.patreon.com/WallStreetMillennial?fan_landing=true
Check out our new podcast on Spotify: https://open.spotify.com/show/4UZL13dUPYW1s4XtvHcEwt?si=08579cc0424d4999&nd=1
All materials in these videos are used for educational purposes and fall within the guidelines of fair use. No copyright infringement intended. If you are or represent the copyright owner of materials used in this video and have a problem with the use of said material, please send me an email, wallstreetmillennial.com, and we can sort it out.
#Wallstreetmillennial #califonia #leavingcalifornia
––––––––––––––––––––––––––––––
Buddha by Kontekst https://soundcloud.com/kontekstmusic
Creative Commons — Attribution-ShareAlike 3.0 Unported — CC BY-SA 3.0
Free Download / Stream: http://bit.ly/2Pe7mBN
Music promoted by Audio Library https://youtu.be/b6jK2t3lcRs
––––––––––––––––––––––––––––––
Written like a Rupert Murdoch rag which is what the Wall Street Journal is. Housing prices are so high because everyone wants to live in California. Most of the homeless are recent evictees from low income housing due to inability to pay rent or gentrification. Often health care costs were the deciding factor in their inability to pay rent. California has a net of 160,000 college graduates moving to the state every year. They are finding work and housing, probably at the expense of locals. Good Californian weather and social services make living on the street preferable to moving to any red state. NIMBYism is preventing the construction of more low income housing for which money has already been allocated. California has been a roaring success by almost any economic measure, leaving just about all the red states together in the dirt by the side of the road. There is nothing failed about it.
Weed became legal, and laws were changed so that only felonies would be prosecuted. California is becoming a failed liberal state. Building more housing will not necessarily fix the social problems. The fact of the matter is we have beautiful weather and the cops let people do whatever they want. So of course we have a lot of homeless people now.
How about the tech people can work from home so it doesn't matter where they live. They can live Utah and no one would care
why the misleading graphs
Horrible video.
It’s not zoning. It’s supply and demand. Everyone wants to live near Google and apple yet only tech employees can afford to do so.
High prices do not cause homelessness. Drugs and mental health issues do. Mostly drugs. CA has so many homeless because most came from other states for free services and good weather.
People leaving CA is a GOOD thing. It is overcrowded. Don’t worry about the population. It will take many centuries to see a noticeable difference.
Unfortunately California takes zoning to the extreme, but the entire United States has a housing crisis (albeit not as bad as California). Most nations have zoning that manipulates the real-estate market. The only nations in which housing costs have fallen in the last 10 years are: Japan, South Korea, Germany, and Portugal. Japan doesn't let local communities decide zoning, the national government controls it. Unlike the United States in which neighbourhoods will chase out blacks and impoverished residents though the legal system and local government zoning restrictions on homeless centres or housing and business. One big flaw of Euclidean Zoning (extremely popular in the United States), is the fact that it only allows one use and density level, so people will go to town hall and cherry pick what their community can have. This means people choose to exclude housing for the poor or even the lower middle class. It's illegal in most of the United states for people have home businesses like a restaurant on your first floor. It just manipulates the housing market based on 19th century ideas. Back in the heyday of industrialisation, people would zone out dirty pollution. But in the 20th century they discovered they could also zone out ethnic minorities, and manipulate housing prices. Now we have environmental protection laws regarding air quality. I think it would be best if the Zoning system was changed. Preferably to Japanese Zoning. It's very simple. Instead of having hundreds or thousands of zones like the united states telling how tall you can build apartments or if homeless shelters can be built near churches. Japan has a free-market approach that makes sure industrial zones can't have housing. But houses can be built on top of shops. offices can be built on top of shops, and you don't have to ask approval for every thing, or fight the neighbourhood to build an apartment building.
It’s also the state with the biggest economy.
Population decline = drop in house prices = market self correcting.
This is what Klaus Schwab and his WEF is espousing for the whole world. You will own nothing and be happy whilst I own everything and micro-rule you 24/7.
This has been a problem since the 80s.
Overpopulation is real folks…don't have kids if you are not wealthy.
Boston is more fun for startups anyways
Please don’t move to Texas…
Neighborhoods with too many cars parked on the streets is the clue, houses are packed with way too many people. The progressive politics are entirely superficial, almost all CA policies are extremely regressive.
Nothing like a video shitting on california to bring out the right wing crazies
One correction: you used the word mansion. There are a few mansions in places like Atherton, but in most parts of the bay $1-3 million just gets you what would be a boring old house anywhere else. The majority of the houses there are completely without charm.
CA has the most landmass in the country? Say what? Texas is 263k sq miles, CA is 163k. Alaska is 663k
California should use their taxes to pay for their social programs instead of financing social programs for red States……
Are Homeless California what Tribes ?
California currently has compacts with 79 tribes. Tribes currently operate 66 casinos in 28 counties. Last year, tribes paid around $65 million to support state regulatory and gambling addiction program costs. Tribes also pay tens of millions of dollars to local governments each year (annually). Additionally, tribes operating larger casinos pay nearly $150 million each year to tribes that either do not operate casinos or have less than 350 slot machines.Prop 27 allows online sports gambling for age 21+, with funds to address homelessness. Any guarantee will be no homelessness?
My thoughts.. I lived in downtown SF for 20 years. Then moved to Austin 4 years ago. But I still go back to CA every month (family & job there).
The politics have totally ruined the state and bay area. I always had hope that it could improve. But I travel the world extensively and I also felt the same way about Argentina and Brazil. So much potential but ruined by politics and corruption. Now I'm seeing the same trends in CA and it feels like it's becoming 3rd world. At the same time, CA has incredible natural beauty and environment. It's the best in the world. So it's a slow decline. Hollowing out of the middle class, so only ultra rich & ultra poor — this is what I first saw in India 30 years ago and it shocked me. Now that's what CA is becoming.
Most People that are still here in California owns several properties (homes) and are living the good life. There will always be people that wants to rent our houses. We would rather people move out of Cali than be homeless if they can’t afford living here.
Modern slavery
It's just easy to be homeless in california, the weather is temperate so that you won't freeze to death on the streets. Thus, the red states ship their homeless here so they don't have to deal with the problem.
Also, as a California native, I can say the state is managed by a bunch of incompetent technocrats high off their own farts. Our elites claim to care about social justice, homelessness and the average worker, but they turn around and block all housing and everything else they claim to care about as soon as they realize they need to pay for it.
California in 2022 actually ranks 21st highest poverty rate. There is room for improvement, but that is the number… Even according to the Census Bureau. Their source is the American community survey, and the most recent data push California at a little over 12% poverty rate.
I would have to go and look, but I think Mississippi and Louisiana and West Virginia and states like that are among the top 10. This is not a case of interpretation- it is deception.
Approximately 6 million people in California live in poverty. A little over. For them to account for 1/3 of people living in poverty, the number of Americans living in poverty would have to be a little under 19 million. The reality is that it is over 37 million people in the United States living in poverty.
This sort of intentionally misleading information is libel. Admittedly, I have only watched part of the video, but the libelous statements so early in the video make the rest seem unworth watching.
Pre sure alaska is bigger
California = Mexico's litter box … dumped into a Woke toilet.
I learnt to manage my money through investments and it really works for me. They say money can't buy happiness but poverty can't buy anything..
i see so many dumb comments about the rich this the rich that. the only problem that plague the USA houxinb is the zonning law. There was always very rich people but its the government regulation that messing things up. Stop listening to populist movement like the rich are bad etc, wealth inequality has always been an attractive topic for politician and thats what have worsen it lol