The housing shortage not only is costly for people renting or buying homes, but it also weakens California’s economy as a whole. We calculate that the housing shortage costs the California economy between $143 billion and $233 billion per year. This estimate does not take into account broader costs to health, education, and the environment, and we therefore believe that it is conservative and that the real costs are likely much higher.
Jacques Bughin, James Manyika, and Jonathan Woetzel
McKinsey Global Institute
October 2016
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