👉Rent Crisis in America getting worse because of The Luxury Rental Bubble Rent is too damn high. Rent prices are rising, and more Americans are struggling to pay their rent.
More and more Americans are renting than ever before, and a combination of rising rents and stagnant wages is making it harder for many to keep a roof over their heads. It's a vicious circle. Higher rents are squeezing people on low incomes, and they're also hit by a drop-off in public housing stocks. Middle to high-income earners who can't afford to buy houses are competing with the low-income earners and migrants for the rental stock that's available, and that drives up prices. Welcome to America, where 85 percent of the population lives paycheck to paycheck.
Rent and housing prices are out of control.
All the big cities, but even cheaper, more rural states have seen massive increases in rents in the past 5-10 years that do not keep pace with the stagnating wages.
From fast-food workers to shuttle bus drivers, many Americans aren't able to afford to house or pay the bills on current wages.
In today's America, the middle class is dead. You are either rich or poor.
The American dream was that you could work 40 hours a week with a livable wage and be able to pay your bills, but prices keep going up while wages stagnate for most. How messed up is it that most Americans don't even have $400 for an emergency.
And as Millennials can't afford to buy houses because of Student loans; They are forced into the rental market when previous generations would have been in the starter-home market. So the rental market gets bid up while single-family starter homes go down the tubes.
The ONLY thing that can fix this is a massive economic and social collapse. Far greater than the great depression. That is the only reset button.
Make no mistake about it. History will recall babyboomers as the generation that destroyed western civilization. And anybody paying attention knows that western civilization is in decline, and on it's way out.
Welcome to The Atlantis Report.
When 2010 New York State gubernatorial candidate Jimmy McMillan branded his campaign with “The Rent is Too Damn High,” the phrase became a viral sensation. In many cities around the country, the rent is, indeed, too high! There is no city in America that a family of four with two adults earning minimum wage can afford an apartment.
As a result, construction activity has concentrated on the upper end of the market, with builders focusing on building amenity-rich apartment buildings in popular neighborhoods designed to appeal to this higher-income renter — and fetch a higher rent. Institutional investors have also bought up a larger share of the country’s rental housing stock, renovating many of these units in order to convert them into properties that can charge a higher rent.”
In other words, there is a luxury rental bubble.
And like other asset bubbles, the Fed helps make it possible.
Construction activity is driven by low-interest loans made possible by the Fed’s manipulation of the interest rates. We saw the same phenomenon in the early 2000s. Cranes sprung up like trees across America as builders rushed to construct luxury towers. It was a boom — up until the point that it was a bust.
The shift in the rental market toward high-income luxury buildings is just one more indication of the bubble economy. It’s not only putting the squeeze on the average Joe; it is also eventually going to pop.
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