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Executive Summary Executive U Home is the foundation for life. It's where we raise families, feel safe and secure, rest and recharge. Our options for where we live have far-reaching impacts in our lives-from our job opportunities to our physical and mental health, from our children's success in school to our environmental footprint. With California's desirable climate, diverse economy, and many of the nation's top colleges, the State continues to experience strong housing demand; however, housing construction is constrained by regulatory barriers, high costs, and fewer public resources. Some of the housing challenges facing California include: • Production averaged less than 80,000 new homes annually over the last 10 years, and ongoing production continues to fall far below the projected need of 180,000 additional homes annually. • Lack of supply and rising costs are compounding growing inequality and limiting advancement opportunities for younger Californians. Without intervention much of the housing growth is expected to overlap significantly with disadvantaged communities and areas with less job availability, • Continued sprawl will decrease affordability and quality of life while increasing transportation costs. • The majority of Californian renters— more than 3 million households—pay more than 30 percent of their income toward rent, and nearly one-third — more than 1.5 million households —pay more than 50%of their income toward rent. • Overall homeownership rates are at their lowest since the 1940s. • California is home to 12 percent of the nation's population, but a disproportionate 22 percent of the nation's homeless population. • For California's vulnerable populations, discrimination and inadequate accommodations for people with disabilities are worsening housing cost and affordability challenges. But while California's housing challenges may appear to be overwhelming, California's Housing Future: Challenges and Opportunities provides the data and analysis to describe the problem and frame the discussion surrounding solutions. This report offers five challenges to add context to discussions about the current state of housing affordability, and provides several possible options to address housing affordability. California's Housing Future: Challenges And Opportunities 1 January 2017 Draft