Aaron Glantz, senior investigations editor for NPR in California, told Hill.TV that the Golden State is struggling with home affordability as prices hit record highs.
“Housing prices have never been higher in American history,” said Glantz, author of “Homewreckers: How a Gang of Wall Street Kingpins, Hedge Fund Magnates, Crooked Banks, and Vulture Capitalists Suckered Millions Out of Their Homes and Demolished the American Dream.”
He described the legacy of big private equity groups that “bought up tens of thousands of homes all across America, and unlike in previous crises where people would come in and buy and flip, they bought” to hold.
Those actions reverberate today, Glantz said, adding that residents continue to ask questions about access to housing in California.
“Do we have a housing shortage? Do we need to loosen some of our development standards to allow more apartment buildings because we have really high prices?” Glantz asked.
California Gov. Gavin Newsom (D), who faces a recall vote later this year, is backing legislation known as Senate Bill 1079 that he says “will directly lead to more affordable opportunities for renters and homeowners.”
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