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The author came to the US in 1962 from Taiwan and worked for $1 an hour while federal minimum wage was $1.15 an hour. By 1969, he got a Master of Science Degree, a Ph.D. in Statistics and a teaching job at California Polytechnic State University in San Luis Obispo, CA. He bought his first house in October 1972 in the town. He predicted that housing prices in California would rise rapidly, as he and his wife quickly jumped into housing business. By 1979 they built two apartments, got California Building Contractor License and owned many rental housing units. The rising house prices made them instant millionaires. He explains why the US has turned from a land of opportunity for everyone into a land of desperation for many. He explains how to get back to the good old days, bring back America, the land of opportunity.
"Across the United States, and particularly in California, the problems of housing costs and availability have never been so acute: home ownership has become virtually inaccessible to the average person; construction costs are high and rising; housing units are in short supply; rental rates have skyrocketed; local public services are in jeopardy with government finances in disarray; and government restrictions increasingly prevent real estate growth. ; Resolving the Housing Crisis is a comprehensive treatment of the increasingly serious problems in housing and construction. Assembling the work of eighteen economists and other scholars, this volume analyzes the underlying contributing factors to the crisis, the responses in land use, housing, and construction policies, and the interaction between the crisis and the legal status of property rights. As a result of this assessment, the authors argue for substantial regulatory housing and land use reforms"--Jacket.