High price of housing crisis

The extent of the region’s housing crisis was outlined in a study released last week by the Greater Los Angeles and Ventura Chapter of the Building Industry Assn. and the Los Angeles County Economic Development Corp.

The factors that have contributed to the mismatch between housing supply and demand include the permitting process, land use and planning and infrastructure.

“With more than 10 million people already calling Los Angeles County home, and that number estimated to increase dramatically in coming years, we simply are not building enough homes to meet demand,” said Jack Kyser, chief economist for the Economic Development Corp. “If demand continues to outpace supply, we’ll not only see higher home prices, the housing shortage will soon have a negative rippling effect across all sectors of the county economy.”