a concept a lot of cities actively refuse to believe is possible by their obsession with limiting development.
for rents to be stable you need 6-7% of available units vacant. much more if you want to drive prices down.
the vacancy rate in many places is like 1%. hence the rents going up super fast YoY. in my city people bid up rent because there are so few apartments available. so it lists for 2800/mo and the person that gets it is paying 3200/mo.
my city builds like 5000 new apartments per year. the population is growing by like 25,000 people per year. so the rent is skyrocketing. we keep adding lots and lots of jobs. every new development is like 5000 jobs, and 100 apartments. where are the other 4900 people going to live?
adequate housing supply for the housing demand.
a concept a lot of cities actively refuse to believe is possible by their obsession with limiting development.
for rents to be stable you need 6-7% of available units vacant. much more if you want to drive prices down.
the vacancy rate in many places is like 1%. hence the rents going up super fast YoY. in my city people bid up rent because there are so few apartments available. so it lists for 2800/mo and the person that gets it is paying 3200/mo.
my city builds like 5000 new apartments per year. the population is growing by like 25,000 people per year. so the rent is skyrocketing. we keep adding lots and lots of jobs. every new development is like 5000 jobs, and 100 apartments. where are the other 4900 people going to live?