[slothtrop]

That's right, it scales most closely with housing cost. That tracks with homelessness generally being temporary, being priced out. California is also infamous for rent control policies in NIMBY cities that have been an abject failure. The supply of rental units was low because they are artificially risky and promise too little in return.

Zoning and regulatory reform spurs more building including smaller, dense units, which lowers prices. There's a fantasy among leftists that developers are snubbing mixed-density and dense mid-rises because condos pay more. No one leaves money on the table. Everything is built on credit, and banks deem these builds riskier in large part owing to the impact of zoning and regs. Condos have a lot of overhead, which checks a lot of boxes, while this would be unaffordable for other units. They also ignore that there are small developers in cities that try to compete, but can't get loans, because of these regulations.