A group of Democratic legislators introduced bills to cap annual rent increases statewide, prevent evictions without just cause and return to cities the authority to adopt rent control ordinances for newer homes and apartments.
In an unprecedented move, the state of California is suing one of its own cities for not building enough affordable housing. Late last week, California Gov. Gavin Newsom announced that the state is suing the city of Huntington Beach for “standing in the way of affordable housing production and refusing to meet regional housing needs,” actions that “harm California families’ ability to find affordable places to live and drive up housing costs for everyone.”
According to U.S. Census Bureau and First American calculations, over the next 10 years, Millennials are expected to purchase at least 10 million new homes. By 2060, it is estimated that the generation will have produced more than 20 million first-time homebuyers.
Millennial demand for homeownership was one of the biggest trends influencing the housing market in 2018. This is unlikely to reverse going into next year, the year after that, and many years to come.
While this generation is often “mistakenly portrayed” as showing a preference for renting, this is not correct; Millennials still appreciate buying a home but have different motivations and delays in doing so.