Skip California (for the most part-always exceptions), better laws and ROI elsewhere for the multi-unit landlord (and yes, multi-unit is the way to go-IMO. I'm more focused on cash-flow than appreciation).

Too many laws negatively impacting the State in general.  I look forward to moving from the Land of OZ. 

Here is an article from the Orange County Register that disputes your claim: California’s homeownership rate hits 9-year high

The article also presents an intesting graph that shows that homeownership in California has been between 50% - 60% since 2005.

Why are laws being renting to help renters and hurt investor/home owners?  Who does that make sense to?

I wouldn't want to own an investment property at a time when governments are changing our way of life, ability to work for a living and making landlords keep tenants that can't pay rent.  It's nuts.

Well there you have it...income property by its nature and risk rewards the buyer/owner with a predictable end result. NOT SO ANYMORE. On a whim, someone legislated a moritorium that hurts lenders/owners and enables renters to live rent free causing owners to hire attorneys for their agreed to rights thus encurring addtional expenses and enlarging the risk. Add further insult, the courts are nearly closed or backlogged leaving remedy in the distance. The three legged footstool of America cannot survive with two legs without failing/falling....

Given the direction of CA politics, we are moving our rentals out of state through 1031 exchanges.  It was really lucrative a number of years ago to have investment property.  It can be lucrative now, but the risks are just too high.  

The more renters there are than landlords the more likely stuff like Prop 13 have of being repealed.  Tenants don't care about stuff like that and either don't care to be educated or try and pass it off as "voter intimidation" when you do educate them about how "If my costs go up, so does your rent."  It will be a while before that happens though.  The state would have to get rent control in place statewide first to try and negate the above argument.  Then of course comes maintenance and such that will not be done to increase the profit margins.  In the end, it's a lose-lose scenario.

We have the same problems up here in BC. The renters have more rights to my investment than I do. That being said I think it depends on what kind of tenants you have and the rent you can charge whether it is lucrative or not. We have been lucky with our properties. 

No wonder so many people are choosing to leave...The risks far outweigh invester benefits. Look at Pelosi's district...homelessness, drugs and filth are rampant and looks eerily similar to socialist-type leadership. For many, it has become a way of life with ZERO repercussion or accountability!

Tony,

We would not own investment property, been there done that.  I do think that CA has to change its politics as many have pointed out. A

When? 

Even in the 90s when I did PM in CA, the L/T laws were so coddling to tenants they could run roughshod and burn landlords left and right . . . some made a career of it. Now with Covid, how can landlords imagine they will not be burned by those loopholes and eventually lose or fail to profit on the homes? Then where will the renters live who can't buy?

CA is unrecognizable from the idyllic Magic Kingdom I grew up in. The lawmakers are deranged and delusional . . . CA expats who retain CA politics, keep going past AZ and I heard TX doesn't want them either . . . New Mexico perhaps? Even 'Trad Mexico' likes the wall now! LOL

I would say more lucrative and having someone else paying your mortgage is a great investment.

It has become a landlord's nightmare here as well!

Laws or edicts are being for a handful instead of for the whole!

The laws in all states are in favor of the renters.

It's always supply and demand. BUT I think the population in CA is going down

I have homeowners that have tenants that are not paying their rent, and there is a moratorium on evictions.   Not the perfect time to be a landlord.

It is a good time to own rental properties.

It depends on how much rights Landlords have taken from them by the State

Seems like investment properties never favor the property owner and tenants rarely respect the property or its owner like they should so, I vote less lucrative. 

It is a roll of the dice. For the riverboat gambler it could be lucrative. For the conservative it may be a pass!

Even here in NH we are getting people from CA looking to relocate. I have had 3 couples in the last 3 months. I just hope they dont vote here like they did there