We look at housing market data from early 2018 for signs of any dramatic shifts that could indicate that recent federal tax changes are impacting California's housing markets.
A coming surge in home sales by aging homeowners should boost local government property tax collections. These gains, however, are likely to be offset by an increase in the transfer of homes from parents to children which, unlike most home sales, does not trigger higher tax payments.
Most coastal counties are meeting or nearly meeting their production goals. On the flip side, home building in the state’s inland areas has fallen short of targets. Rather than suggesting that home building levels are sufficient in California’s coastal areas, the fact that permitting has kept pace with targets in these areas may suggest that these production goals do not reflect the full extent of demand for housing in these areas. Production goals likely need to be higher if the high cost of and intense competition for housing in these areas is to be curbed.
One perhaps underappreciated consequence of lackluster homebuilding in coastal California is that many workers are denied access to California’s high-wage job markets because they are unable to find housing. These workers are pushed to other parts California or beyond where their wages tend to be lower.
We discuss a new Census Bureau report on state poverty rates, including its Research Supplemental Poverty Measure.
We discuss a new piece, published in a major national publication, that uses Census Data to examine changes in real incomes by percentile at the state level between 1990 and 2014.