California has long had a shortage of affordable housing, most notably along the coast, around universities and research centers, and where booming local economies reflect the entrepreneurial culture for which the state is famous. However, a plentiful housing supply that is affordable to various income levels is a building block for any community.

Success is a great attractor. As firms cluster and scale up, they require more employees and the collateral businesses and services to accommodate them. Many Californians face a daunting challenge, along with a myriad of financial barriers, when trying to access housing at a range of income levels. Rising rents, coupled with a shortage of supply and furthered by cases of restrictive policies, are not only forcing residents into burdensome commutes and the decision to relocate to more affordable areas but also straining overall economic mobility and productivity.