Millionaire Renters Surge in Multiple California Cities Since 2019

California is experiencing a growing trend of millionaire renters moving to smaller cities and suburbs like Oxnard and Santa Rosa, driven by factors such as remote work and high home prices in major metros like Los Angeles and San Francisco. This shift is happening alongside ongoing debates over housing policy, including Senate Bill 79, proposed by San Francisco Democratic Senator Scott Wiener, which would allow dense, multi-story apartment developments near transit stops even in traditionally single-family neighborhoods. While supporters argue that such measures could alleviate the state's housing shortage, critics contend that these policies threaten established communities and may not effectively address affordability. California's housing crisis also contributes to its status as the state with the highest poverty rate, largely due to exorbitant rental costs that far exceed the national average. In local governance, some cities like Sausalito have recently reduced affordable housing requirements, sparking controversy over the impact on housing availability. Overall, California's housing challenges are multifaceted, involving demographic shifts, legislative efforts, affordability issues, and local policy changes.