Housing Policy
Christian Britschgi | 2.20.2024 10:10 AM
Happy Tuesday and welcome to another edition of Rent Free. Despite the ink still wet on many state-level YIMBY reforms prodding local governments to allow housing, we're already witnessing a concerted counter-revolution from the forces of local control. This week's stories include:
But first, our lead item is a short take on how America's overregulated, undersupplied housing market turns good things, like economic growth, into bad things, like more evictions.
In an article from last week, L.A. Times columnist LZ Granderson asks "If the economy is so great, why are evictions soaring?" Despite low unemployment and better-than-expected economic growth "evictions have spiked and homelessness has reached a record high," he notes.
Granderson's explanation for this incongruity is that it's all just the latest ill effects of Reaganite low taxes, slim government benefits, and underregulated corporations.
The more compelling answer is that evictions are up because the economy is so great (or at least better than it used to be).
Landlord Incentives
As Granderson notes, unemployment is low. The unemployment rate has been under four percent for the past two years. Real wages have also been growing.
For landlords, that means that there are a lot of workers with steady incomes out there who would likely make for steadily paying tenants. If their current tenant isn't paying rent or is behind on rent, a low unemployment rate boosts their confidence that they'll be able to find another one who will pay their bills on time. That makes it less risky to take on the costs of evicting a tenant and turning over a unit.
Want more on urban issues like regulation, development, and zoning? Sign up for Rent Free from Reason and Christian Britschgi.
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NEXT: U.S. Begins To Talk Ceasefire
Christian Britschgi is a reporter at Reason.
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Good Times, Bad Times: Eviction Edition
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20.02.2024
Housing Policy
Christian Britschgi | 2.20.2024 10:10 AM
Happy Tuesday and welcome to another edition of Rent Free. Despite the ink still wet on many state-level YIMBY reforms prodding local governments to allow housing, we're already witnessing a concerted counter-revolution from the forces of local control. This week's stories include:
But first, our lead item is a short take on how America's overregulated, undersupplied housing market turns good things, like economic........
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