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San Diego Home Construction Plunges. Biggest Drop In SoCal

• https://www.zerohedge.com, by Tyler Durden

The softness in housing comes as San Diego officials are desperately trying to pass legislation that would be stimulative, reported The San Diego Union-Tribune.

There are other reports that the governor has endorsed a statewide rent cap bill, could further complicate the housing industry and lead to a further slowdown in building. 

Home construction in all of SoCal is down 25% YoY, mostly due to the slowdown in apartment building. 

Homebuilding was also down 40% in Santa Barbara County, 29% in Los Angele County, 20% in San Bernardino County, 9% in Riverside County and 7% in Orange County. Ventura County was the only region where homebuilding marginally increased. 

Borre Winckel, CEO of the local Building Industry Association, said, homebuilders, are under pressure at the moment, due to increasing regulations, high labor, and material costs, have dramatically increased the price of the build which is being passed onto buyers. These buyers have gone on strike this summer, not willing to buy homes in SoCal because of affordability issues - this has sent sales and prices tumbling in some regions.

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