Bay Area’s Housing Crisis

For my research proposal I would like to look into the Bay Area’s housing crisis. The affordable housing shortage situation in California has become an alarming matter as prices keep getting out of hands. This has made the lives of many families very difficult. Living in the Bay Area has given me the chance to clearly observe the frightening affordable housing crisis. Therefore, I would like to address this problem by conducting a meaningful research and find plausible solutions.Statement of the problem:The Bay Area housing crisis: Accountability and Access to affordable unitsBackground of the problem:According to the results gathered by a Quinnipiac poll in 2019, only 53 percent of California voters say that they are able to afford to live in the Golden State. The situation has worsened as the median home price in California has surpassed $600,000, a 10.3 percent increase compared to December 2018 (https://www.car.org/aboutus/mediacenter/newsreleases/2020releases/december2019sales). Cities such as San Francisco, San Jose, Santa Cruz, Los Angeles, Long Beach and Anaheim are encountering median rental prices that exceed the fair market price by a huge margin, pushing more Californians to move to different states, since they are no longer able to afford to stay ( https://www.hcd.ca.gov/policy-research/plans-reports/docs/SHA_Final_Combined.pdf ).The presence of big tech companies in California is one of many reasons for this housing and renting prices gap, which cause the demand for affordable homes to rise.Purpose of the study:The purpose of my study is to develop a framework that would mitigate the affordable housing shortage in the Bay Area. To do so, I would revise policy at the state level to see what is working and what is not. Once key factors are identified, I will provide several recommendations that would effectively strengthen the framework. With that being said, the research will mostly benefit people in need of affordable houses, since they are the most vulnerable population. Cities would benefit as well, given the fact that a portion of their fiscal reserve will be free from the cost of supporting homeless assistance programs.