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SAN DIEGO (KGTV) -- A new report is looking into why there is a shortage of homes for sale around the country. According to the report by NerdWallet, in October of 2017, the US had a 3.9-month supply of existing homes for resale, meaning at that pace, it would have taken 3.9 months to sell all the homes on the market. According to NerdWallet, a supply under six months places home buyers at a disadvantage. The report identifies six reasons why the housing supply is so low. 1. Boomers aren’t movingOver three-fourths of baby boomers own their own homes, according to the report, meaning millennials don’t have enough homes available to buy. The report also found that rising home prices force baby boomers to stay put because they don’t have the cash to downsize. RELATED: California gas tax set to increase July 12. Landlords won’t sellNerdWallet says millions of single-family homes were converted to rentals after the foreclosure crisis. In 2017, renters made up 36 percent of households. A greater demand for homes coupled with less supply means values rise while rents are rising faster than home prices. 3. Low mortgage rates The report points out that interest rates on outstanding mortgages averaged about 3.8 percent over the last three years. As mortgage rates rise, fewer people are interested in selling and getting into new mortgages. 4. Entry-level homes ignored by buildersIn the first nine months of 2017, nearly 500,000 newly-built homes were sold of which 55 percent sold for 0,000 or more. NerdWallet says builders blame high land cost and a lack of skilled construction workers for not building more entry-level homes. RELATED: Program vows to help San Diego teachers buy homes5. Regulations add costThe report points out the homebuilders say environmental protection, infrastructure fees and rules that specify lot sizes all add tens of thousands of dollars to the cost of building every single home. According to the report, regulations account for roughly one-quarter of the cost of each home. RELATED: San Diego County city shows enormous home appreciation in 20 years6. Owners want a restricted supplyFinally, the report found that local zoning and land-use regulations are enacted by officials elected by the people. The report says those officials are only responding to constituents who want a limit on the number of homes that can be built in a neighborhood. Elected officials can also set a minimum square footage for homes, further limiting supply. “There are regulations that are more about the neighbors’ sensibilities than they are about the safety of the people living in the houses,” says Miriam Axel-Lute, associate director of the National Housing Institute. “It’s neighbors who want their property values to go up, in most cases, who are insistent upon some excess safety design standards or minimum lot sizes or other things,” Lute says. “They either want their property values to go up or they don’t want, quote, ‘the wrong sort of people’ in their neighborhoods. This is the pressure behind a lot of the most damaging regulations out there.” 3097

SAN DIEGO (KGTV) — A measure to implement ranked choice voting in the City of San Diego will be considered for the November ballot.The city's Rules Committee voted 3-2 on Wednesday to send the proposal to a full council vote, where councilmembers will decide if the measure is placed on the 2020 ballot this fall. The vote is expected to take place in July.Ranked choice voting would allow voters to list up to four candidates in order of preference, instead of casting one vote for a single candidate.RELATED: San Diego to consider major change to 'ranked choice' votingHere's how it would work:The top four candidates in each primary race would advance to the general election, instead of just the top two.In November, voters would then rank the candidates by preference.If one candidate has more than 50% of the vote on first count, that candidate would win. If no candidate reaches 50%, the last place finisher would be thrown out. That person's votes would then be reallocated according to the voters' second choice. The field would continue winnowing until a candidate tops 50%.The city would be required to also hold a voter awareness campaign to familiarize voters with the change.Councilmember Mark Kersey, who has led the effort to get the measure on the ballot, said in a release, "ranked Choice Voting increases choice for voters, competition and decreases negativity which is great for campaigns. San Francisco and Oakland are using this system, we are taking their model and improving on it." 1514

SAN DIEGO (KGTV) -- A man and a woman were struck by a trolley while riding scooters in Sherman Heights Tuesday night, according to police. According to authorities, the incident happened at 24th and Commercial Street just before 6:30 p.m. Police say the pair were riding Bird scooters west in between two sets of tracks. When a trolley came up behind they pair, they bumped into the side of one of the trolley cars. Both were taken to the hospital. Emergency crews said the woman only suffered minor injuries while the man had "more severe" injuries.  585

SAN DIEGO (KGTV) - A large crowd held a rally against a reopening rollback and another indoor closure Tuesday.The rally took place outside the steps of the County Administration building around 4 pm.The County has been on the cusp of moving into the most restrictive tier in the Governor's safe reopening plan. If that happens, many businesses would be required to close their indoor operations.Many at the rally pushed for local control. They say local leaders should be able to call the shots to reopen their communities safely.County Board Vice-Chair Jim Desmond spoke at the rally.The Board held a special meeting and closed session Monday evening.Board Chairman Greg Cox released the following statement after the meeting:"Tonight, our Board of Supervisors met in a special closed session and discussed our legal options regarding the State's reopening criteria and the effect on local businesses and schools. The Board did not vote on any actions. We will continue to work with the State to make sure the metrics accurately reflect the underlying dynamics of the pandemic in San Diego County. The Board will meet again tomorrow at 3:00 pm to provide an update to the public." 1189

SAN DIEGO (KGTV) - A San Diego Fire-Rescue crew went above and beyond the call of duty in Paradise Hills Friday. The firefighters from Station 32 on Briarwood Road recently responded to a medical call involving an elderly woman. While on scene, they found the home had a damaged wheelchair ramp. After the crew left duty, they went back to the home to rebuild the ramp. 377

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