California has had nation’s lowest vacancy rate in five out of the last seven years. And in the two years California did not have the slimmest housing supply (2011 and 2013), the state ranked No. 2.

The Great Recession and the uneven-but-powerful economic recovery made California’s long-running vacancy shortage only worse. Job creation has far outpaced developer’s ability and willingness to build new supply.

Source: The Mercury News, https://www.mercurynews.com/2018/03/05/californias-housing-supply-is-the-tightest-in-the-nation/?preview_id=5095549