California built more homes than people over six years — so why is housing still so tight?
https://www.foxbusiness.com/economy/california-built-more-homes-than-people-over-six-years-so-why-housing-still-so-tightCalifornia's housing market is seeing an increase in inventory while the state's population growth slows, but strong demand stemming from longstanding scarcity has kept the market tight.
An analysis by the Public Policy Institute of California (PPIC) found that the state added 677,000 housing units over a six-year period in which California's population grew by only 39,000 residents.
Despite the relative growth in the number of housing units available, vacancy rates showed the market remained tight, with PPIC finding that owner vacancy declined from 1.2% to 0.8% while the rental vacancy rate was 4.3% in 2024, well below the national rate of 5.9%.
California has a housing shortage despite more construction.
