California state law is a big part of the problem: it gives individual cities way too much power to decide what gets built and what doesn't, severely restricting supply. For example, neighborhood associations can filibuster new development into nothingness, even for contradictory reasons like not having enough parking but also not being public-transport friendly enough. Additionally, California has wildly skewed tax law that disincentivizes people from moving or downsizing (look up Prop 13). Add in a lack of public transportation, zoning restrictions, and massive corporate subsidies and you've got a housing crisis brewing.
Also, Prop 13 inexplicably applies to commercial real estate, and inherited property.
Also the inherited property bit was a separate amendment. And there is no limit either.
And this isn't just a California thing.
"Home prices are rising at twice the wage of growth." https://www.curbed.com/2019/5/15/18617763/affordable-housing...
"Low-cost housing is disappearing from the market." https://www.huffpost.com/entry/housing-crisis-inequality-har...
You can find a lot of these articles around without much effort.
I was responding to the claim that it's a state- or national-level problem. Perhaps you would argue that this meets some criteria for being a 'national-level' problem, but it's not obvious to me.