While there have been limited new building permits for homes, California has been overbuilding high-end, multi-family housing. This has occurred both because job growth in tech has generated more high-income earners, and the cost of land in the coastal cities and the cost of the building process pushes builders away from low-to-no-margin apartments, except in less expensive parts of the state. As a result, Allen Matkins/UCLA Anderson Forecast California Commercial Real Estate Survey shows signs of a softening in the multi-family market.