It's no secret that California is one of the most expensive places to live in the US. It's actually home to many of the most expensive cities to live in... in the world. According to the 13th Annual Demographia International Housing Affordability Survey: 2017 , San Francisco, Los Angeles, and San Jose all made the list for the 10 most expensive cities in the world.

According to the study, house prices in Los Angeles rose by the equivalent of 14 months' household income in only 12 months. It takes a salary of 98k to afford a home in Los Angeles according to Curbed LA . This, along with the rising levels of homelessness across the region, is what has prompted the Los Angeles County Board of Supervisors to set aside $37 million to finance affordable housing in the city for low income families, homeless residents, and those with special needs and/or disabilities.

According to Curbed LA , that $37 million includes $18 million in loans to developers working on five different affordable housing locations bringing 304 additional units to the city. Additionally, the city allocated $19 million of the 2016/2o17 budget to go towards other affordable housing projects to be developed on an "as needed" basis.

In the most recent election, LA voters signed off on a property tax to help fund up to 10,000 units of affordable housing. The city is now asking residents to approve a quarter cent tax bump to help with additional services needed to deal with the rising homeless population.

According to Construction DIVE , California’s Department of Housing and Community Development is reporting that the state’s housing production fell more than 100,000 new homes short of demand annually over the last 10 years.