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How can California increase the number of homes that people can afford?

By giving more money to cities that build sufficient affordable housing, some said at a housing summit last week in Los Angeles. Or cutting off funding to those that don’t.

Or by allowing developers to bypass the local process in cities and counties with insufficient affordable housing. Allowing single-family homeowners to build and rent out granny flats. And by streamlining the approval process for affordable housing projects.

Those were some of the ideas batted around at an industry brain-storming session Thursday on the state’s “affordability crisis.” Hosted by the California Association of Realtors, the summit drew about 100 economists, state and local officials, homebuilder representatives and affordable housing developers and advocates.

The fact that Realtors – in the business of getting the best price for their clients’ homes – should fret about the high cost of housing reflects a deeper concern about more than just their livelihoods. California rapidly is becoming a state where renters, not homebuyers, are in the majority.

Joel Singer, the association’s longtime chief executive, spelled out two stark facts threatening the Golden State: California ranks 49th in the nation in homeownership rates. And 50th in affordability rates.

“Where are our children going to live?” Singer asked.  Read more