California's population decreased, housing stock increased, yet the cost of living remained high due to various economic factors like rising home prices and rents, expensive mortgages, high demand from investors, developers focusing on luxury living, low unemployment creating housing demand, inflation, and higher wages.
The addition of predominantly pricier housing options like single-family homes, rentals with five or more units, attached homes, and condos did not lead to more affordable living conditions in California, as the split between ownership opportunities and rentals failed to improve affordability.
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