The proprietor of three successful companies, Michael Younessi now spends his time navigating the real estate industry. Michael Younessi buys and develops property throughout the Southern California region.
Southern California is currently experiencing a shortage of available real estate. This shortage is expected to be an ongoing issue in the foreseeable future. Los Angeles is one of the most populated cities in the country, and according to US Census Bureau statistics, roughly 4 million people live in the City of Los Angeles alone. The growing population is contributing to rising real estate prices and a housing shortage.
According to the California Department of Housing and Community Development, developers need to build at least 180,000 new homes a year in California to stop the shortage. Currently, developers are only producing about 80,000 new homes a year. By the year 2025, California developers will need to have built 1.8 million new homes to account for the growing population.
