UCLA Luskin’s Michael Lens spoke to the Los Angeles Times for an article explaining why California housing prices have defied the laws of supply and demand, with mortgages and rents remaining stubbornly high even though the state’s population has declined in recent years. One reason is that, for decades, the pace of housing production did not keep up with demand, creating a backlog made even more enormous by the surge of Millennials now seeking to enter the housing market. “The cost of living in California and Los Angeles is so high … that we know a lot of people can’t move here and we know a lot of people can’t remain here, because they are priced out,” said Lens, a professor of urban planning and public policy.