Housing in the Bay Area has become the single biggest input to the high cost of living in our district. At the root of the problem is a long term reluctance to increase housing density and multi-family housing heights. Population growth has outstripped housing supply. At the same time, half of new real estate sales come from overseas. In these cases, properties are used as second homes or investment vehicles.

Congress, through the Treasury Department, should increase AML oversight to all-cash real estate transactions. Local Bay Area governments, through their planning commissions, should streamline the approval process for building multi-family units.