Anyone wondering how sclerotic and ungovernable California has become need look no further than the failure last week of an incredibly modest attempt to reform the state’s archaic housing regulations.
California is in the midst of an enormous crisis of affordable housing. The median home price in the state now exceeds $500,000, while the median rent for a two‐bedroom apartment tops $1,800 per month, nearly 55 percent higher than the national median. In cities such as San Francisco and Los Angeles, average rent exceeds $2,500 per month. Less than a third of Californians can afford the median house cost, while more than half face…
Here we are in California, which is a state that has substantial economic growth, pockets of enormous wealth, and extensive social welfare programs. And yet you have the highest poverty rate in the nation, which suggests that something is going wrong. California is a state that, in many ways, has a public policy dedicated to the idea of redistribution of wealth. But somehow you are fourth in the country in terms of wealth inequality. After we published my book The Inclusive Economy, I had people point out to me that California is a rather target‐rich environment for outreach. So that’s why we’ve launched Cato’s Project on Poverty and Inequality in California, and I’m excited to…
The Inclusive Economy: How to Bring Wealth to America’s Poor energetically challenges the conventional wisdom of both the right and the left that underlies much of the contemporary debate over poverty and welfare policy.