Tom Steyer, Co-Executive Chair at Galvanize Climate Solutions, said in an op-ed for the San Francisco Chronicle that California’s outdated zoning codes have suppressed housing supply and inflated prices. He indicated that SB 79 stands out as a potential remedy to the crisis.
“For too long, outdated zoning codes have acted like a choke hold, cutting off the supply of new housing and driving prices sky high,” said Steyer, Co‑Executive Chair. “If California is serious about affordability, sustainability and urban vitality, SB79 is one of the smartest tools we have.”
California remains one of the most unaffordable housing markets in the United States. According to the California Legislative Analyst’s Office, a household needed to earn approximately $237,000 annually in 2025 to afford a median-priced home in the state—more than double the $96,500 median household income reported in 2023. This widening income gap prevents many working families from entering the housing market, worsening inequality and driving people out of the state.
Californians consistently pay significantly more for groceries than the national average. CBS Los Angeles found that the average California household spends approximately $1,200 per month on groceries, compared to a national average of $779. This monthly disparity is driven by higher labor, transport, and regulatory costs, putting pressure on household budgets and contributing to increasing rates of food insecurity.
Soaring home insurance premiums in California are compounding the housing crisis. As wildfire risk and climate instability intensify, major insurers have begun exiting the state or sharply raising premiums. According to the Public Policy Institute of California (PPIC), this disruption has made new developments harder to insure—especially affordable housing projects—which could delay or derail construction across fire-prone regions.
Essential goods and services in California—including electricity, rent, food, and insurance—have experienced inflation rates well above the national average. According to a March 2024 analysis by The San Francisco Standard, residents continue to face elevated prices even as broader inflation slows. These persistent cost pressures have reshaped spending behavior, with more households forgoing discretionary spending and struggling to cover basic needs.
Steyer is also known for his role as Co-Executive Chair of Galvanize Climate Solutions—a global asset management firm focused on decarbonization and clean energy investment. He previously founded Farallon Capital Management, which grew to manage $36 billion in assets, and co-founded Beneficial State Bank—a community bank promoting economic justice.
