While California enjoys a booming tech industry, surging tax revenues, decreasing unemployment and overall wage increases, some residents of the state are struggling to find affordable housing. When factors such as cost of living are considered, California has the highest poverty rate in the nation. Evidence of this is seen on city streets as some residents make RV’s and vans their homes. Even some high wage workers endure long commutes as they are unable to live in close proximity to their workplace. Housing costs have jumped over 75% in recent years and the cost of owning a home is out of reach for many.
Nick Vertucci, a real estate expert, has spent years educating himself about the housing industry. He predicts that a tipping point is on the horizon as new housing development in California cannot keep pace with demand. The state Senate has recently passed a bill that would boost construction of lower and middle-income housing. They are currently in talks with Governor Brown to get this legislation passed. This bill would give greater authority to the state to move forward with much-needed housing development and greatly curtail the power of local authorities to block its advance. As a successful real estate investor, Nick Vertucci knows this industry and believes that Sacramento will be forced to act as demand for relief from housing shortages grow.
Some residents and community leaders are wary of this legislation believing that it would encroach on their ability to make decisions in the best interests of their communities. Additionally, some cities prefer to encourage commercial development rather than the construction of much needed affordable housing. Politicians may be concerned that opposition to the bill may have a negative effect upon them at the ballot box. Nevertheless, a strong grassroots push for its enactment may be enough to get this bill over the finish line.
Nick Vertucci overcame financial setbacks to build a multimillion dollar company. As a result of the dot-com bust in 2000, he suffered a grave financial setback. Determined to rebound, he studied real estate and through hard work and perseverance was able to become a successful real estate investor. With a desire to educate, Nick Vertucci founded the NV Real Estate Academy to help others attain financial success. https://twitter.com/nvrea?lang=en