Minimum 2.5 million homes needed;
Statewide Housing Plan sets path forward, tracks progress and outcomes
The California Department of Housing and Community Development (HCD) released a new Statewide Housing Plan (plan), a statutorily required report updated every four years to outline housing challenges and strategies to address them over the next 10 years. The updated plan sets a bold path forward to meet California’s required goal of adding at least 2.5 million homes over roughly eight years, with no less than 1 million of those homes targeted for lower-income households. This represents the cumulative number of homes that cities and counties across California must zone for through 2030 by law and is more than double the housing planned for in the last eight-year housing needs cycle.
This new digital plan lays out a vision to ensure every Californian has a safe, stable, and affordable home. The plan seeks to help everyone, ranging from renters to legislators, understand the historic contributors to the state’s current housing crisis and how the state will solve it. It leverages digital tools to produce a dynamic, “living” plan with interactive features that will be updated as new data and research become available to track the state’s progress toward housing goals and keep Californians informed of progress.
California’s housing crisis, exacerbated by extreme supply and demand challenges, has resulted in decades of soaring housing and rental costs. Housing prices in California continue to climb. In August 2021, the statewide median sales price of a single-family home reached a new record – $827,940.