Fewer Californians own homes than almost any other state in the country. That's according to a new report, which finds homeownership is 57 percent in the state. Sacramento reporter, Marianne Russ has the story.
The report by the California Building Industry Association finds California lags 13 percent below the national average of 70 percent for home ownership. CBIA Chairman Lane Marceau says California needs to build more homes and condos. He says that requires more land - and reform of environmental regulations:
Marceau: "The cost of this red tape is borne directly by homebuyers who must bear tens of thousands if not hundreds of thousands in some instances of dollars in fees placed upon housing."
But Bill Allayaud, State Director of the Sierra Club of California says that's a scapegoat:
Allayuad: "I'm getting tired of them pointing their fingers at these laws, saying we don't need them and we need to reform them and that'll cure our housing crisis. You know a tiny percentage of the price of a house relates to environmental laws."
The report finds that if California reached the national average, it would mean four billion in additional state and local tax revenue.
