The California housing market crashed during 2007, and only true optimists and a handful of industry groups predict a turnaround this year. The halcyon days of the housing boom already seem like a long ways away.
But while the downturn has reached nearly every corner of the state, some markets are stronger than others. In particular, exurban markets are weak, while urban markets focused on infill development are relatively strong.
Morris Newman's June Deals column, "Disney Spins Negative Fantasia About Housing," is off the mark, citing misinformation and wrongly taking Disney to task on Anaheim housing issues. As the former director of the California Department of Housing and Community Development, and now as President and CEO of the Orange County Business Council (OCBC), I appreciate the opportunity to correct the record.
It's undeniable: California is in the worst housing bust since the early 1990s. Sales have dropped by a third compared with last year. Prices are stable for now, but nobody knows what will happen once all those bank repos hit the market. And it's pretty clear that developers all over the state are sitting on their entitlements. Nobody's building anything unless they absolutely have to.
The fight over fair-share allocations of needed housing within the Southern California Association of Governments region is on. At least two cities have filed lawsuits and numerous others are reportedly considering their legal and political options.
A common method of converting rent-controlled apartments into for-sale condominiums in San Francisco has been upheld in a lawsuit filed by apartment tenants who alleged an unlawful business practice. The First District Court of Appeal ruled that the tenants had no right to bring the lawsuit.
New housing units provide financial benefits for local and state government, according to a new study prepared for the California Homebuilding Foundation. But some analysts are not ready to embrace the study or its conclusions.
The Yuba County Board of Supervisors approved the 5,100-unit Yuba Highlands project on Tuesday, July 10, after nearly seven years of planning and negotiation with developer Gary Gallelli. Now it appears the action will shift to the courtroom.
Why did nobody tell me that market-rate housing had become a NIMBY issue? Did I sleep this momentous event, just as I sawed a log through the Northridge earthquake? Here I am, bumbling through life as if nothing special is happening, while unbeknownst to me The Walt Disney Company is having one of its most creative moments since it released Dumbo.
Disney continues fight against housing project in Anaheim's resort district; the League of California Cities proposes eminent domain reform; San Francisco limits residential demolitions; Stanislaus County picks a base reuse developer; Solana Beach voters limit monster houses; HCD questions Alhambra Redevelopment Agency; Carmel Valley sues LAFCO.