I would argue this isn't a California problem or a national problem. It's a global problem. Example: Hong Kong. In Hong Kong the government funds itself in larg

I would argue this isn't a California problem or a national problem. It's a global problem. Example: Hong Kong. In Hong Kong the government funds itself in large part through property ownership. They are therefore incentivised to make housing as expensive as possible. The result is predictable. I would argue that in democracies this will remain a problem as long as the majority of voters benefit from high housing prices. When combined with rent control you don't need to own property to benefit from high housing prices, since you are likely paid as if you where paying market rate rent. I don't really see any practical solutions. Work from home might change things a bit but I'm pessimistic, since lots of people want to live near stuff, which requires living near other people, which means someone has an inventive to raise prices. Perhaps boomers cashing out all there housing at once might help things.