California has a housing catastrophe fueled by greed

Instead of a housing “crisis,” how about we call this a housing “emergency”? Or better yet, a “catastrophe”? Because that’s what it is.

While landlords and developers are pulling in record profits, the people of this state are, in many cases, scrambling just so they don’t end up out on the street.

What’s more, landlords are becoming so picky that many are refusing to rent to people on a fixed income, even grandmothers on disability. They can get away with it because there’s a ready and willing pool of would-be renters who are eager to fill out applications and plop down thousands of dollars as deposit.

Where does this leave millennials and younger Generation Xers who would like to build their lives in California?

If they’re lucky, it looks like renting until they have a head full of gray hair.

A recent survey from ApartmentList.com found millennials in Los Angeles, San Francisco, San Diego and San Jose will have to wait almost 20 years to save enough money for a 20 percent down payment on a house or a condominium.

Something has to give.

Source: The Sacramento Bee

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