California Getting Way More New Jobs Than New Housing

In the first months of 2018, the number of building permits issued in California was 30 percent greater than the number issued during the same period last year.

It’s a "noteworthy jump," writes columnist Jonathan Lansner. But also noteworthy is the fact that it doesn’t come close to matching the number of new jobs.

Look at the building gap this way, assuming California developers continue to file permits at their first-quarter pace for the rest of 2018: For every 2.8 California jobs created in the past year, there will be just one new housing unit in the works.

New jobs are not something to not celebrate, but as Lansner writes, "until California bosses stop boosting their staffs (not a good thing) or homebuilding ramps up massively (unlikely) — the price of ownership and rental options will remain pricey for state residents."