NYC politics
fromtherealdeal.com
3 hours agoDoomed to fail: Why Rent Guidelines Board always gets it wrong
The Rent Guidelines Board's process is ineffective and cannot set appropriate rent increases for diverse tenants.
The cost rose a lot following the pandemic. And some of that was supply chain issues that really increased the costs, and then they didn't quite come back down. And now tariffs are also impacting some products. These costs are part of the reason the amount of new rental housing stock is shrinking.
Perhaps the best that can be said for the plight of California renters is that it could be worse. My trusty spreadsheet reviewed monthly rents and hourly wage data collected by United Way, comparing 2024 with 2019 for 96 U.S. metropolitan areas, including nine in California. Those statistics show that paychecks are not keeping up with monthly rent payments, both in California and nationwide.