California’s economy is booming and expert real estate investor and educator Nick Vertucci believes that the state government in Sacramento will have to act quickly to fill the growing need for affordable housing throughout the state. Annual targets for additional housing regularly falls short of the need and, according to Nick Vertucci, the estimate of 311,000 housing units delivered is not enough to provide housing for all Californians who want their own piece of the American dream.
California has the highest per capita income in the nation but also has the highest adjusted poverty rate. These two factors sometimes clash when it comes to providing affordable housing. Communities are reluctant to allow additional housing to be built largely because of their concern for the value of existing housing. As they push back against developers, officials in Sacramento are faced with the need to provide additional units while not widening rifts with constituents back home.
Property owners in California coastal cities have seen valuations rise nearly 75% in the last five years. While this has afforded them with a significant return on their investments, helped by property taxes that were capped by law, under 1978’s Proposition 13, many potential homeowners are either pushed out of the market because of rising prices or the limited number of new units.
Even in a strong economy with near record levels of prosperity there are people making six figure salaries that live in RV’s and have to drive several hours on their daily commute to work. Nick Vertucci believes the state is near a tipping point where the interests of community planners and those who are seeking housing will conflict. A bill that encourages additional lower and middle income housing has passed the state senate and is being negotiated between the legislature and Governor Jerry Brown.
Nick Vertucci, who owns a multimillion dollar real estate investment business and in 2017 founded NV Real Estate Academy, points out that the grass roots efforts on both sides of the issue, the communities and the government play a role in managing this important issue. Through his business and educational efforts Nick Vertucci teaches others how to invest in real estate and use those investments to control their own finances. http://nvrealestateacademy.com/attend/