Infuriating reason Californias housing crisis is spiraling out of control and how Newsom can stop the market collapsing

California’s spiraling housing crisis is being driven by insane property prices, draconian building restrictions and historically low mortgage rates that deter people from moving, an expert has revealed.The Golden State is in the midst of an unprecedented slump as buyers sink to levels lower than during and immediately after the Great Recession.It has sparked fears a housing collapse is on the near horizon, as the state battles its worst sales levels in more than 30 years and is seeing a mass exodus of residents.Research by Realtor.com revealed California is among the worst housing markets in the country and Los Angelenos are suffering the hardest.Buyers in Tinseltown would need to spend 72% of their household income to bag an average home, well above the recommended 30% across the country.Get the perfect blend of news, sports and entertainment delivered to your inbox every day.

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Never miss a story Even the most affordable market in the state, Bakersfield, requires nearly 40% of a typical income for a mortgage.Only Montana and Hawaii rank worse nationally than California.Realtor.com’s chief economist Danielle Hale told the Post: “In California, we’re looking at home sales that are some of the lowest they’ve been in more than 30 years, and in many cases, lower than during the 2007 and 2009 period.”She warned the state’s stringent building regulations is one of the top factors impacting the housing crisis, while other regions have more relaxed rules for developers.She said the California Environmental Quality Act and local zoning laws are two of the major causes of the shortage, despite recent attempts to pass pro-housing legislation.Hale said: “If you make it easier to build, it enables more home building, and that can help bring down the cost of homes.California Post News: Facebook, Instagram, TikTok, X,...