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| Photo by Amir Zee | Long Beach, CA |
On the final day of the 2017 legislative session, the California legislature approved, and Governor Brown signed fifteen separate bills aimed at starting to address some of the driving factors of the shortage, such as requiring cities to allow developments that meet their zoning and general plans and allowing micro apartments as small as 150 sq. Ft.
It is evident due to the housing shortage, housing prices increasing this year. Interest rate still low between 4% - 5%.
According to California Association of Realtors, affordability for a single family residence is 31% and the median price of $538640. Condominium affordability is 39% with the median price of $449720.
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