Skip to main content

Some thoughts on the increase in renters

After reading City Lab's "The Rise Of Renting In The US", I'm struck by some key things.

1) The fact that housing takes up 60%, or more, of the lowest earners income should trouble us. I'm not sure what the best solution is to getting more affordable housing available. One if the most critical factors is inventory (good ol' supply & demand). Hence the drive for more multi-family projects.

2)'there are long-term impacts from the high percentage of the Pope's income that is burned through on basics. It impacts social mobility. I expect this will help drive more economically fragile people over the edge.

3) the concerns I have in point 2) are exacerbated by a 40% or more increase in year-to-year rental costs. I worry about the long-term impacts this will have on the demand for assistance. Especially as incomes are rising far too slowly

4) It's not all bad news. There are some upsides to communities with high percentages of renters. Especially if they're in higher income brackets. For instance, they have access to greater numbers of creative talent.

5) there's a great opportunity for investors who own rentals, or are thinking about it. The demand will stay strong for the foreseeable future. Keeping your rental properties full won't be much of a challenge for the near term.

These issues are going to provide significant challenges ton our communities over the foreseeable future. We need to nrse above our petty bickering, society wide, to address these issues.

Labels:

Comments

Post a Comment

Popular posts from this blog

Oh, A Meeting We Will Go

This post gives me pause. Meetings, the infernal overwrought obsession of our lives. It's not just corporate America, but the various groups and org's I've dallied with over the years suffer from meetopia, too. No one I know likes the blasted things, yet I don't know anyone offering up a successful resistance. Related to this, methinks, I have noted that I do a great deal over my workdays (check off a ridiculous number of to-dos) and accomplish little or nothing. The mass of tasks don't roll up to anything. And I've noticed a lingering sense of frustration lately. I spend precious little time reflecting on my goals, and how I can link them to what I do over the course of any given day. I'm so divorced from this, I really wonder what I really want to do, to accomplish any more. Within a recess of my brain comes a niggling thought. Perhaps this passion for meetings offers up a substitute for reflection. Knowing that we must account, personally, face-to-face f...
2 comments
Read more

Seattle, The Viaduct, and Life In The City

Here’s my response to this article/survey ( online at the Seattle PI ). The Question: What's the best option for the viaduct? Gov. Gregoire seems to have resuscitated the possibility for a tunnel to replace the Alaskan Way Viaduct. Have you decided what transportation option you want on the waterfront? If not, what information do you need in order to come to a decision? Looking over the debate, the mayor only seems to be concerned about the beautification aspects of this whole debate. I'm bothered by the fact that few folks are mentioning the economic impact of tunnel construction, how we will mitigate the effects of this roadway being inaccessible for nearly a decade, or, of course, the justification of the extra expense. The tunnel hasn't been sold to me, at least. Personally, I’m worried that this project has not been thought through. The economic impacts for areas such as Ballard and immense, and haven’t been publicly addressed/discussed. May...
2 comments
Read more

The Eleventh Day Of September

Today, acknowledging summer’s demise, I finally turned on the heat. Air chill, perhaps related to the gray, darkening sky. Or, perhaps, the turning of the seasons announced boldly; the date on the calendar be damned! I wonder, how cold was it, nine years ago, when the world went a bit chill? Well, perhaps not cold, but rather hot. So often, since Nine-Eleven, Americans delved head-first into fear based reaction. Easily wrenched into “evil=muslim” paradigm. Fear. Our world shown uncontrolled, our dominance shown illusory, and the grand mirage of a world looking longingly at us (US?) for love and guidance blown apart. Fear shoved into our face, our people unused to this sensation. Irrational rage birthed. I hoped that we, as a people, would remain above petty vindictiveness and bigoted rage. That we would be stronger, less alarmist. Our reaction to such tragedy based on effectiveness and reason. My hope remains longing for fulfillment. At moments glimmers of hope exist. Yet, I see this ...
2 comments
Read more