Drought dogs Cali developers amid soaring housing market
Many caught in crosshairs of environmentalists seeking to limit new building and water usage
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Los Angeles
CALIFORNIA'S already tight housing market is facing another long-term complication: drought.
The state's dry spell is creating challenges for developers at a time when home prices are soaring because of limited inventory. The metropolitan areas of San Jose, San Francisco and San Diego had the nation's biggest gap between the number of new jobs and residential building permits from 2012 to 2014, according to a report on Wednesday by the National Association of Realtors. Now the drought, into its fourth year, stands to curb affordability further.
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