Today, Harvard’s Joint Center for Housing Studies released a report on affordable housing and rentals. I don’t mean to insult the many bright people at Harvard (… much; I went to Brown).
- Housing "affordability" is a slippery subject. If local tenants cannot afford local rents, then they have some capacity to double- and triple-up.
- Once that limit is reached, tenants may move to lower-cost areas (but face a longer commute) or change jobs.
- Affordability issues are local with local demand/supply fixes, and national aggregate data applies only accidentally to your home town.