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This segment originally aired on June 15, 2023.
Zillow Chief Economist Skylar Olsen spoke with Yahoo Finance anchor Julie Hyman about how inflation, mortgage rates are impacting the ability to afford housing for some.
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Rent inflation creating an ’emergency for many people’: Economist

As rent prices skyrocket across the country, an alarming situation is unfolding for many individuals and families, according to leading economists. Rent inflation has reached unprecedented levels, pushing large numbers of people into financial distress and exacerbating the already critical issue of affordable housing.

The astronomical rise in rent prices can be attributed to various factors, including supply and demand dynamics, the impact of the COVID-19 pandemic, and inadequate government intervention. This combination of factors has created an emergency situation for a significant portion of the population, leading to increased socioeconomic disparities and housing instability.

One of the main drivers behind rent inflation is the scarcity of affordable housing units. There is a limited supply of rental properties available, especially in urban areas with high demand. As a result, landlords can charge exorbitant prices for even substandard housing, taking advantage of the dire situation faced by many individuals who have no viable alternatives.

The COVID-19 pandemic has further amplified the rent crisis. With numerous job losses and business closures, income levels have plummeted for many individuals. Financial instability caused by the pandemic has made it even more difficult for individuals and families to afford the rising rent prices, putting them at risk of homelessness or precarious living situations.

Unfortunately, government intervention has been insufficient to address the rent emergency adequately. While some municipalities have implemented temporary rent control measures or eviction moratoriums during the pandemic, these are only short-term solutions. Long-term strategies and policies are needed to address the root causes of rent inflation and provide sustainable housing options.

Economists argue that a comprehensive approach is required to address the rent crisis effectively. This includes increasing the supply of affordable housing through targeted investments and incentives for developers to construct rental units accessible to low-income individuals and families. Additionally, rent control policies that limit rent increases beyond inflation rates could help protect individuals from being priced out of their homes.

Government initiatives should also focus on income support programs, ensuring that individuals and families receive adequate financial assistance to meet their basic needs, including housing costs. This could involve expanding rental assistance programs, boosting the minimum wage, or implementing tax credits for low-income households.

Furthermore, sustainable urban planning and development should prioritize affordable housing. Governments at all levels need to collaborate with local communities, housing advocates, and stakeholders to create comprehensive plans that address the unique needs and challenges of each region. This could include zoning changes that encourage the inclusion of affordable housing in new developments or repurposing underutilized buildings for affordable housing initiatives.

Rent inflation is undoubtedly creating an emergency for many individuals and families across the country. Urgent action is needed to prevent further exacerbation of the housing crisis and to protect the most vulnerable members of society. By implementing a combination of policy measures, increasing the supply of affordable housing, and providing financial support, it is possible to alleviate the burden faced by those struggling to afford adequate housing.