There's a shortage of affordable housing, and the solution the Market comes up with is to build MOAR unaffordable apartments! If you missed my Where have all the Houses Gone? blog, I wrote about this stupidity a few weeks ago.
A Goobermint that had any CFS would have put out subsidies and tax credits for builders to be putting up new apartments that would rent in the $500-1000 range a year ago, which is more in line with the prevailing wage these days which is around $20/hr. Mickey Ds pays $18 around here, CNAs get a little more. This grosses around $36K, $1000/mo rent is $12K. That's 33%. You still have lots of other fixed expenses of course, so if you are left a few hundred to keep the economy going with an occasional movie you're doing good. $1500/mo rent leaves you nothing or negative.
The longer this goes on, the worse the crash is gonna be when it comes. With the POTUS election and the border crisis, this summer loooks ripe for a breaking point to be hit.
https://www.npr.org/2024/01/25/1225957874/housing-unaffordable-for-record-half-all-u-s-renters-study-finds
Housing is now unaffordable for a record half of all U.S. renters, study finds
RE
Housing is now unaffordable for a record half of all U.S. renters, study finds
Started by RE Jan 26, 2024, 07:19 AM
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