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The Fed has flooded the financial markets with their gargantuan money printing operations, which in turn has funded a reinflation of the stock market and real estate market bubbles that burst in such dramatic and devastating fashion in 2008. So as the real estate property values rise, so do rent rates.
This is the Democrat left's idea of stimulus spending, also known as trickle down government. I hope you have enjoyed this redistribution of wealth exercise. This is how you can expect this to continue to work, at least until the next devastating stock market, real estate and jobs market crash, which is likely to occur a lot sooner than most people seem to think.
Why are 1/4th the number of apartments being built today compared to the 1970s?? When our population is so much larger? It makes zero sense to me. Clearly, the demand is there, as prices increase across most metros by 10-20% every flipping year.
NIMBY. Ballot box zoning. Local slow growth / smart growth / no growth / Urban Growth Boundary policies which make land unaffordable or unbuildable. "System development fees" which make new development prohibitively expensive and unaffordable.
Also, multifamily housing units are difficult to get the permits for because it's well documented that these types of units lower property values around them because they often include things like section 8.
I..... Don't..... Care! We all need a place to live. So sorry that your house value will go down if a working class apartment complex is placed next to it! Watch how much it's value crashes with homeless sleeping on your street. We need more supply and we needed it yesteryear.
The only way to fix it is by forcing price ceilings, but all that does is make it so there are no rentals available. San Francisco is a perfect example of this.
Honestly, the free market does an excellent job without the help of politicians. This is something that can be learned in a 100 level microeconomics course. The second politicians start guiding that invisible hand, they typically create even more and bigger problems than they had to begin with.
Also, multifamily housing units are difficult to get the permits for because it's well documented that these types of units lower property values around them because they often include things like section 8.
Furthermore, if one has a family, they shouldn't be raising said family in an urban area of a large city. Take that **** to the suburbs!
There needs to be zoning regulations put in place, otherwise you get Houston which is basically a metro area that threw up subdivisions like crazy with no thought about transportation challenges other than, "drive a car idiot".
And families shouldn't be raised in urban areas? That's nonsense. Every other country in the world raises families in urban areas and they turn out fine. There is absolutely no reason why only singles and bar hoppers should live in urban areas.
NIMBY. Ballot box zoning. Local slow growth / smart growth / no growth / Urban Growth Boundary policies which make land unaffordable or unbuildable. "System development fees" which make new development prohibitively expensive and unaffordable.
There should be urban growth boundaries, IMO, but local governments need to start building up. It's unsustainable to keep building out. World population is increasing, but we keep on using up arable land for sprawl. The solution is there, local governments just need to grow a set of balls and tell the NIMBYs to sit in the back of the bus
Section 8 also keeps rents high. The landlords are guaranteed payment through government subsidies (while the qualifying renter only pays up to 30%). The government essentially eliminates free market competition through subsidizing rentals in affluent areas. The rest of us who pay the full amount are left to struggle (usually the middle class).
Section 8 subsidizes rents ONLY up to the metro area median. Section 8 does not explain why median rents are soaring.
Exactly why the people need to start rising up about this. The private market is failing us once again in the name of lining its pockets with as much cash as possible. Perhaps we need government funded contractors to start putting up cheap living spaces left and right. I would literally vote for a politician championing something like that. I have watched rents skyrocket every year of my life while incomes for everyone in this country stagnate and I'm sick of it.
Of course, the liberal solution - spend other people's money. You think there should be more cheap housing? Great, go build it. What's stopping you from doing it? Quit complaining that someone else isn't and do it yourself, don't expect government to take care of you and pay your way, grow up and do it yourself.
Believe it or not you do not have a right to cheap housing. If you can't afford to live there then move.
There should be urban growth boundaries, IMO, but local governments need to start building up. It's unsustainable to keep building out. World population is increasing, but we keep on using up arable land for sprawl. The solution is there, local governments just need to grow a set of balls and tell the NIMBYs to sit in the back of the bus
FAIL. Epic FAIL.
Incumbent homeowners elect local governments and have zero incentive to start building up.
Incumbent homeowners got theirs, everyone else can go to hell, is the prevailing attitude.
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