Orange County is getting pretty pricey when it comes to the cost of a home. To understand why, you have to step and look at the bigger picture.
Jonathan Lansner, business columnist for the Orange County Register says the O.C. continues to attract well-heeled buyers.
“There is no doubt that housing has become very expensive in Orange County.”
He says NIMBY-ism is helping to drive up home prices.
“What stuns me now is that million-dollar home projects are being held up in various parts of Southern California. People just don’t want any more homes.”
The effect of the growing scarcity of new housing stock is compounded by young people deciding to settle in metro areas and globalization.
“L.A. And other cities are now global cities. They are ‘I want to be places’ for everybody in the world. When that happens – unless we’re going to ban foreigners from the country just to rent or buy or own or invest – it’s like another game.”
Jonathan Lansner was a guest on McIntyre in the Morning.
By Sandy Wells
KABC News