I'm in Redding, CA, and we have a lot of demand for homes under $450k, and rentals. However the higher end is beginning to soften. Prices are at all time highs as are rents. We have a lot of investors that rent space as Airbnb (limited to 400 units) and room space to students from a local ministry school, as well as others looking for more affordable options.
If Trump wins, there may be a little tiny bit of light at the end of the tunnel for builders. Supply and demand drives the train. Unfortunately, in CA driving the train is a lot more expensive, as our fuel's touted to go up at least .46 a gallon, and it's already $5. That means the price of everything used in construction goes up, so no help with supply side. Add to that insurance costs, etc. and it's not looking good.
However; what Trump can do that will help is to cut out some of the environmental regulations, etc. that drive the costs of development up.
Unfortunately all the lawlessness, and homelessness in CA doesn't help. As long as interest rates are going up, there's not many people wanting to sell their homes, unless they're leaving CA, or going into Senior Living, which is happening more and more.
Then another thing I see coming down the pike is the credit card debt. So many people are living on their cards, hoping that something is going to happen where the cost of living gets lower, and trying to hang on. But, if something doesn't change in the economy, they will fall behind on credit cards, then mortgages, and things will begin to fall.
As bad as CA is, people won't vote them out. Crazy times. I know we're not supposed to talk politics, but the reality is, it's politicians that set the policies that affect real estate and construction, so it is relevant.