What they have been able to do is strangle supply. Even Habitat for Humanity can’t build Bay Area homes cheaply enough for lower-income buyers.
Habitat wanted to build low-income homes. (Condos really) They will have to settle for moderate-income homes.
Habitat for Humanity is selling 19 of 30 planned condos to families whose income is 40 to 115 percent higher than that of the buyers originally targeted.
If you click through and look at the images, the buildings appear to be single story. Why? My guess is local zoning restrictions. They lament the fact that there is no affordable housing, but they won’t let anyone, not even Habitat – an organization that relies on donations and armies of volunteers – can build it.
As Kate, over at the Road Kill Diaries would say, “O, Sweet Saint Of San Andreas, hear my prayer.” I don’t think you can fix all the stupid in that state. I really don’t think they will ever admit that there might be a market-based solution to their housing problem. (As in, build more housing.)