In California, we see a variety of policies operating in concert to restrict housing supply. Tokyo is also a desirable place to live but they've managed housing affordability there much better. In California you have all of the following operating together to restrict housing supply:
* Property tax policy that strongly favors not selling and not renovating;
* Numerous private rights of action that people can bring against new developments;
* State and municipal agencies with a wide variety of rules available to them that can serve as a basis for obstructing new developments;
* Large areas of the state that have been declared "open space" by various towns and cities.
* Property tax policy that strongly favors not selling and not renovating;
* Numerous private rights of action that people can bring against new developments;
* State and municipal agencies with a wide variety of rules available to them that can serve as a basis for obstructing new developments;
* Large areas of the state that have been declared "open space" by various towns and cities.