Investigating California’s Crazy Housing Crisis – NBC Bay Area

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The housing crisis in the Bay Area and California is crazy. Cabins sell for millions. Investors are paying all cash for homes that could go to family buyers. And generations of communities are being put at a price. Through a series of steaming reports, NBC’s Bay Area Investigative Unit reveals its year-long investigation into Golden State’s overpriced real estate market that’s leaving so many Californians overwhelmed and overwhelmed.

Stream the episodes HERE on May 24, 2022.

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PROBLEMS WE INVESTIGATE:

What role do real estate investors play in the housing crisis?

Of course, real estate investors get bad press. But some investors our survey team spoke to say they add value to neighborhoods. Many neighbors and tenants affected by these developments disagree, saying investors are driving up prices and accelerating gentrification. In the process of investigating whether real estate investors have contributed to the housing crisis, NBC Bay Area’s investigative unit uncovered a growing members-only online club made up of investors who have access exclusive to home listings – listings the average buyer can’t easily see.

Some small owners say they never rent again. Will your rent go up?

Do you remember the first apartment where you could pay the rent on your own? Chances are it was operated by a small owner, not a real estate company. Smallholders Make Up a Surprisingly High Percentage of California naturally affordable housing according to Terner Center researchers; and yet some tell NBC Bay Area COVID and authoritarian government policies exclude them — and their housing.

The frustrating reason California can’t build enough affordable housing.

During his campaign for governor of California, Governor Gavin Newsom pledged to build 3.5 million new homes. So how is it going ? NBC Bay Area has identified empty lots and building space that could provide tens of thousands of affordable units. Instead, they continue to sit unused. We talk to the developers behind these projects and sit down for an interview with the California State Treasurer.

Renters are surprised to pay market rate for apartments built with taxpayer-backed loans meant for affordable rentals.

How would you feel if you found out that your market-rate apartment was built using taxpayer-backed loans to create affordable housing? Everything is legal but has surprised many current tenants. NBC Bay Area goes back in time to explain how it all happened and the solutions the feds have offered to prevent it from happening again.

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