Published by Breitbart | October 13, 2021
California’s decision to end single-family suburban zoning is doubling property prices almost overnight, according to the New York Times.
The decision to end single-family zoning was made to help provide lower-cost housing for millions of Americans and migrants.
But the result is that many adult Americans now cannot afford to live in the roomy suburban houses that were built decades ago for their middle-class American parents and their expanding families. Democrats in Virginia, Minnesota, Maryland, and other states are also pushing to de-zone suburbia.
The lure of greater rental income is forcing families to compete with Wall Street investors, the article notes.
“My biggest fear is developers are pricing everybody out of the market,” said Pattie Estrada, a 59-year-old commercial loan processor.
The article is titled: “Where the Suburbs End: A single-family home from the 1950s is now a rental complex and a vision of California’s future.”
The state’s historic decision to break suburbia comes after millions of legal and illegal immigrants were invited by the federal government into California’s housing market, despite deep but disorganized public opposition.
That chaotic migrant inflow pushed house prices far above average wages, even as it also forced down wages for white-collar and blue-collar Americans. The economic squeeze has created huge economic incentives for developers and politicians to shove Americans back into the cramped yet expensive urban housing that their grandparents escaped in the 1950s.
Migration has also stalled California salaries. For example, mid-income wages in California rose just 2.9 percent in 21 years — or roughly 0.1 percent per year — according to the establishment-funded Population Reference Bureau. During the same period, the Dow Jones index grew 100 times faster because of higher corporate profits.
