By Sam Ozer-Staton

The United States is in the midst of an unprecedented housing boom. In just the past year, the average home price has increased nearly 15% nationally, a surge that has been particularly pronounced in cities like Austin and Salt Lake City, which have become sought-after destinations for young professionals fleeing crowded coastal cities during the pandemic.

But the pandemic migration has hardly solved the existing housing problems in states like California and New York, which have seen purchase prices continue to soar (even as rental prices have dipped slightly).

California, in particular, has long been ground zero for the housing affordability crisis, and with it, an ongoing contentious policy debate over density and development. On Thursday, following years of false starts and failed attempts, state legislators passed two landmark rezoning laws that, according to one study, could facilitate the creation of 714,000 new units.