How bad is California's housing shortage? A 2015 study by the state's Legislative Analyst found that the state has been building about 110,000 fewer units than the amount needed to keep up with demand. And the state has been doing this for over 30 years.
NEW YORK, NEW YORK - SEPTEMBER 10: Customers sit at tables separated by dividers outside Peter Luger Steakhouse in Williamsburg as the city continues Phase 4 of re-opening following restrictions imposed to slow the spread of coronavirus on September 10, 2020 in New York City. The fourth phase allows outdoor arts and entertainment, sporting events without fans and media production.
Prices in New York City are in a class by themselves. The price of a home in Manhattan is roughly twice the nearest competitor, and nearly ten times what you would pay in Scranton, Pennsylvania. And it is not just housing. You get no break buying a New York steak in. It will cost you 50% more in Brooklyn than it would in Joplin, Missouri. Inflation in New York, while high, is relatively tame compared to the rest of the country.
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