The situation in California has important implications for Canada’s least-affordable cities including Vancouver and Toronto.
Increasing demand for something in short supply will result in higher prices.
Average rents grew by 2.5 per cent, amounting to about $30 more per month.
In the Greater Golden Horseshoe, approval timelines average one-and-a-half years.
Housing affordability was easily the top issue on the campaign trail.
At last count, the GTA rental vacancy rate was 1.1 per cent.
Horgan government will spend $492 million on 4,900 subsidized rental units.
On average, it takes one-and-a-half years before builders can break ground in Toronto.
Mayor-elect Kennedy Stewart wants to reach 85,000 new housing units over 10 years.