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San Diego housing market forecast looks bleak by 2020

Families and seniors are being pushed out of California.
Photo credit:
rongpengsd.com

A report released by the San Diego Regional Chamber of Commerce and the Greater San Diego Association of Realtors shows that affordable housing isn't going to get any better in the next three years.  

Both groups created a "Housing Scorecard" that revealed the impact on the housing market will grow bleaker by the year 2020, especially for families and senior citizens. 

According to ABC 10, The report’s findings include:

  • The San Diego region will only produce half of the units needed to accommodate population growth at its current pace.
  • Only San Diegans with “above moderate” incomes are close to seeing enough available housing.
  • The City of San Diego is producing the most housing but is only on pace to produce 51 percent of new units by 2020.
  • Only four cities are building enough units to meet needs: Coronado, Lemon Grove, San Marcos, Vista.
  • Many cities have not built any units in the very low, low, or moderate income categories.

The report breaks down those most affected by the housing situation and why the future looks dire. 

  • Families and seniors are being pushed out of California.
  • California does not have the influx of Millenials that competitor states do.

San Diego Mayor Kevin Faulconer and Chamber President and CEO Jerry Sanders will discuss the report at a news conference Thursday.