California is no longer facing a housing shortage. It has immense urban space unfilled(double digit vacancy of commercial real estate), a second collapse of the

California is no longer facing a housing shortage. It has immense urban space unfilled(double digit vacancy of commercial real estate), a second collapse of the tech sector which will result in more outflows, net negative migration, and a plethora of legislation to fix yesterday's problems at the state level with a sledgehammer(so too much, too late, in the wrong direction). The Bay Area is experiencing double digit value drops in the last month and exploding listing supply. Not one of these things are indicators of a shortage. In reality they tend to snowball into collapse. California will be increasingly dependent on property taxes that will be dropping like a rock while expanding programs in housing predicated on the opposite. Homeless problems are real and I suspect being exacerbated by misappropriated policy instead of roofs over heads (40k empty units in SF alone).