A new study released by the California BIA maintains that the state's complex and uncertain governmental regulations have led to a cumulative shortfall of 500,000-plus homes and apartments since 1995. The study, conducted by Bain & Co., found that there is only a 6 percent probability that a California development will be approved without modifications—compared with Texas and Arizona, where projects are approved 75 percent of the time without modifications.

Learn more about markets featured in this article: Los Angeles, CA.