The gap between current rental housing construction and the needs of lower-wage renters is widening, and it’s because new units cater to the upper end of the income spectrum, according to Harvard University’s Joint Center for Housing Studies.
- A report by the the Harvard Joint Center for Housing Studies found that more than a third of Americans live in rentals with many spending more than a third of their income on housing.
- Over the last decade, the cost of new unit construction has been on the rise, the price of which gets passed on in the form of rent.
- To allay the problem, experts suggest that local governments offer publicly owned land at reduced or no cost to developers, particularly in high-cost metro areas.
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Inman Connect New York | January 29 - February 1, 2019