Ditch the subsidies to get more housing

There’s little disagreement that California has a housing-affordability crisis, as the state’s average home value is close to $800,000 and well over $1 million in coastal markets. These astounding prices have put a squeeze on lower-income Californians and exacerbated the homelessness problem, so lawmakers — and voters — continue to approve subsidies for affordable-housing projects.

As is common any time the government subsidizes something, the influx of cash is inflationary. Recent affordable-housing...