The wildfires in Los Angeles County have devastated communities, destroying more than 10,000 homes and exacerbating California's ongoing housing crisis. Despite Governor Gavin Newsom's initiatives to streamline housing construction, the state is significantly lagging behind its target of building 180,000 units annually. Current projections indicate that housing permits will remain low, with only around 102,000 permits anticipated in 2024. Governor Newsom's original pledge of 3.5 million new units appears increasingly unattainable as the state grapples with rising interest rates and unforeseen challenges.
The wildfires in Los Angeles County have already destroyed over 10,000 homes, worsening the state's ongoing housing crisis that officials struggle to address.
Despite Governor Newsom's efforts, California's housing production is projected to remain low until interest rates decline, hitting just 125,000 units by 2028.
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