The Bay Area is a popular place to be, but not a popular place to build.
New census date revealed the Bay Area has too many jobs and not enough home building to house those workers.
A new report from Apartment List dug into that census data to assess how well home construction is keeping pace with job growth in regions around the country. "A few places really jump out having built very little housing relative to the jobs they’ve created," explained Igor Popov, chief economist with Apartment List and co-author of the report. "The Bay Area, unfortunately, is prime on that list."
He said that to keep a healthy housing supply, there should be a new home for every job or two that comes into a region.
However, over the past decade in the Bay Area, each new home construction has been matched by six new jobs.
"California people still come to the Bay Area, but when they do they can’t find affordable housing because the people outnumber the supply of homes," Popov said.
Add it all together and you get the Bay Area housing crisis.
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