What’s driving it, of course, is the doubling of housing from the money-printing orgy that took the number of dollars from $15 trillion in 2019 to nearly $21 trillion—a 40% increase. Toss in the Fed’s rate hikes that took [mortgage rates] from 3% to 8%, along with property tax and home insurance that’s soaring above inflation, and you’ve got the perfect storm that’s knocking people out of the game and on to the street. Which hides the problem, at the expense of bankrupting tens of thousands of landlords and sending a clear message to any future landlord to never, ever rent to anybody who stands the remotest chance of not paying the rent.
Author: Peter St. Onge
Published at: 2024-07-24 21:36:25
Still want to read the full version? Full article
