[johnea]

So, I have to agree there is a major shortage of affordable housing.

But, I have to disagree that this is due to a lack of building.

20 years ago, there was no housing crisis. Period.

In 20 years, did the population suddenly increase by 20%?

No, of course it didn't. In fact the US population is very flat in recent decades.

What changed?

Short term rental!!! A huge portion of the housing stock purchased, much by corporate buyers, and converted to AirBnB or VRBO.

The housing crisis is 100% created by the rise of "short term rentals", a phrase that really means: "convert a significant portion of the housing stock into unlicensed hotels".

People paying per night to rent houses are never going to be out-bid by people who want to rent by the month.

This whole BS about "not building enough", is really "not building enough to make up for all the houses now run as hotels".

There has NOT been a population boom. Ask yourself: Why were there enough houses a decade or 2 ago, but not now?

[fragmede]

> In 20 years, did the population suddenly increase by 20%?

I hate to break it to you, but let's say the population grew a measly 1% per year. Thanks to the way compounding interest grows, after 20 years, that is about a 20% increase compared to 20 years ago. (1.01^20 = 1.22)

[millimeterman]

While some comments have pointed out that the population has increased, that doesn't actually matter. Because what's being discussed here is an increase in demand for housing in a specific city.

Even if the country's population stayed the same, an increase of people wanting to move to Santa Cruz will drive up demand for housing in Santa Cruz. When you have sustained increases in demand over multiple decades but local governments that block any and all attempts at constructing housing supply to match, you get the ballooning prices you see now. That there is plenty of housing supply in Nowheresville, Nebraska is of little use to the people who can't afford to live in Santa Cruz.

[llampx]

THIS. Housing is very local. Even within a city or metropolitan area, you can have areas which have increased demand.

Not to mention the other factors such as compounding of population growth, short-term rentals, housing stock being destroyed or serving fewer people than before (widows, empty nesters.)

[bombcar]

Population went from 289 million to 329 million. That’s not nothing.