This is the real factor at play: Bodies are moving to the area faster than new units are being constructed because of zoning laws an other regulations which lim

This is the real factor at play: Bodies are moving to the area faster than new units are being constructed because of zoning laws an other regulations which limit the speed at which new developments can be made. In Los Angeles it takes 2 - 3 years to break ground on a new apartment complex because of all the regulations mandating permits, surveys and reports that must be complied with prior to construction. This ensures only very large players can enter the market and raises the costs to develop new units, keeping prices high.