"Affordable Housing," Free Market Style
As for California, "sales of existing houses plunged 30.1% in August from the same month last year . . . [the] steepest year-over-year decline since August 1982, when sales tumbled 30.4%." The median price is actually up a tiny 1.6%, but don't be fooled by that number, because the number of homes going unsold is tremendous, which is nature's way of telling sellers to wake up and smell the price drop.
Impact: left to its own devices, the free market will be reducing housing prices in the next year or two. Let's not artificially inflate demand, and thus prices, by forcing taxpayers, through Measure H, to spend $1 billion on more housing.
Read the L.A. Times story here: http://www.latimes.com/business/la-fi-housing26sep26,0,2714633.story?coll=la-home-headlines