COVID-19 Impact on Housing

COVID-19 Impact on Housing

Full Report

Executive Summary

Press Release

Fact Sheet

Study Description

Agenda

Overview

The Little Hoover Commission is examining the impact of the COVID-19 pandemic on California’s homeowners, landlords, housing stock, and housing prices.

California is facing its deepest economic contraction since the Great Depression. More than twice as many Californians lost their jobs between March and May 2020 as did during the Great Recession of 2008, and homeowners and landlords in communities throughout the state are struggling to stay afloat. A recent survey conducted by the U.S. Census Bureau found that nearly 1 million households in California are behind on their mortgage payments.

Governor Newsom and the Legislature have implemented temporary measures to alleviate the burden on renters and homeowners. Yet state leaders must still weigh longer-term solutions to protect homeowners and landlords from foreclosures and prevent wealth distribution from the middle class to investors who have historically capitalized on widespread foreclosures.

In a forthcoming Issue Brief, the Commission will review and analyze the effects of the pandemic recession on California homeowners and landlords as well as the socio-economic impacts of foreclosures due to COVID-19 compared to previous economic downturns. Featuring the same rigorous, careful research as Commission reports, Issue Briefs provide in-depth overviews of key challenges facing California. While only Commission reports contain policy recommendations, the data and background information included in Issue Briefs provide critical context for navigating California’s most pressing issues.

If you would like more information regarding this study, please contact Ethan Rarick at ethan.rarick@lhc.ca.gov or at (916) 445-2125. To be notified electronically of meetings, events, or when the review is complete, please subscribe to Little Hoover Commission updates: https://bit.ly/LittleHooverNews 

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