California Focus: Low-cost housing? State keeps ignoring the new realities ...Middle East

From Sacramento comes word that the median price for a single-family home in California skyrocketed by 24 percent over less than one year, topping $810,000 in May, a rise of almost 30 percent from the previous year. At the same time, one developer of “affordable” housing in Southern California revealed that the average cost of a two-bedroom unit in a new four-story, 48-unit building that will target low-income families, comes to $729,265. Much of that tab will be picked up by local taxpayers, and the building is pretty typical of so-called affordable housing all around California. Such buildings, the developer said, will likely “increase affordable housing opportunities for families who ofte

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