Will Parker

speaker

780 appearances 18 recordings 1 series first heard May 2019 last heard Nov 2024

Will Parker’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Rising Rents Spur Cities to Consider Rent-Control Laws · 15 Mar 2022 podcast

And that's the case in many cities. matched

Thanks for having me. matched

Well, there's not any one reason, but there are a lot of things that have been happening kind of all at the same time. matched

You know, one is after the pandemic broke out, there were a large number of people that decided they wanted to buy homes and they went out in the market and found that there was very little to buy. matched

And that, of course, drove up the price of homes for sale a lot, excluded a lot of people from the for sale housing market and meant they'd be renting homes. matched

apartments for longer so that you know had an effect on the price of rentals because of the demand and then a little later into the pandemic as business restrictions decreased and university campuses began opening and things like that you had a whole generation of younger renters who had been living with family or living at home perhaps that all flooded rental markets around the same time and added a bunch of new demand to the rental market and matched

And that gave landlords a green light to raise prices again. matched

And the fact has been that building owners are finding that people are paying the higher rents. matched

Seeing how housing prices are rising all around them, there aren't a lot of choices to move and find more affordable housing right now for many renters all over the country. matched

Because they see that the rate at which rents are rising, the inflation that's happening in the housing market, that's a big part of the general inflation that we talk about in the economy. matched

And so if you have a situation in which housing prices are rising so quickly at such a rate, this becomes a big part of general inflation and has broader consequences for the economy. matched

And of course, you know, these big increases in rent that we're seeing, the biggest impact they're having is really at the bottom end of the income chain, the hospitality and retail workers, lower wage workers who are seeing housing for, you know, really modest apartments, seeing prices go up dramatically, but their wages are not rising at nearly the same rate that rents are. matched

And that's the case in many cities. matched

Just about all of those are expired or in the process of being wound down in just about every part of the country. matched

So, yeah, the market is more open again. matched

Landlords are freer to carry out evictions and to take control of their properties in a way that they were prevented from during the pandemic. matched

And that will, of course, mean more rent increases as more apartments turn over with the eviction moratorium expired. matched

So rent control or rent stabilization, they're different terms that are used to describe somewhat different policies. matched

But in general, all of these laws seek to set some parameters for how much a landlord can increase the rent in a given year. matched

Most of them seek to restrict rate increases to a single digit percentage, something like three or 5% is common. matched

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