California home values could drop 13% if this bill becomes law

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California home values could drop 13% if this bill becomes law
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By the HOUSES Act math, California is 4.6 million units short, the No. 1 gap among the states and equal to 23% of the total U.S. shortfall.

California needs to build 2.5 million homes by the end of the decadeNext on the Senate committee’s list of home shortages was Florida at 1.9 million, New York at 1.5 million, Texas at 1.2 million and Massachusetts at 887,000.If this plan works, California could get 1.23 million homes — the most of any state and 45% of the U.S. estimate of 2.73 million.

And the resulting cut in housing shortages could be dramatic. California’s shortfall drops by 27% vs. 14% nationally. The bill claims it would eliminate shortages in Arizona, Nevada, and Wyoming and cut 95% of Idaho’s shortfall, and 85% of Alaska and New Mexico.

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