Can Southern California learn from Miami’s “condo glut”? According to Bloomberg, Miami developers keep building condos and create an oversupply that will push housing prices more than 30 percent and risking the local economy into brink of recession. There is not enough demand to meet the oversupply even as developers keep on building new condos. What is happening right now in Florida is an example of housing industry problems. Florida’s governor even joked that the national state bird would be “the building crane”. This building boom in the middle of a housing bust is seeing new residents from foreign countries, including central America and even Russia.

While we won’t seen high rises in SoCal, we’re starting to see increasing development of multiunit condos. Population increases have contributed to worsening traffic conditions as residents migrate to affordable areas and commute to work.