Loading ...I am no Bidenomics fan but I can’t put the blame all on him other than cost of business inflation which is bad enough but rising housing or building prices is also a big part of it and started before both Biden and Trump and kept moving up faster and faster with Aid of the Fed.
Seems like a simple solution of forgoing greed and lowering the rent because no one wants to lose money for the purpose of making money for some greedy person and they already knew that and that’s a big problem right now. It also brought established properties to raise prices in the herd mentality resulting in a stampede which then brought higher tax’s to areas and insurance forcing the rest to have to raise rents too affecting everyone including the majority homeowners.
If newer buyers bought at higher prices and assumed people would pay what ever they demanded or needed to charge to make money they put themselves in a risky position of no competitive leverage where they would lose money if they lowered the rents then they’re stuck and can’t lower it, then it’s a matter of time when the lease runs out if the renter can wait that long. That will result in trying to sell it if they have any equity and in 08 even equity of longer term buyers vanished because with the first group of the last buyers foreclosed it kept going down from there and they didn’t even have higher interest rates of 7 % or more like the previous longer term buyers. That pisses off longer term buyers. They dropped to 3-4 percent. Now they’re back up to 7 % or more and prices are up and too high.
Then of course the banks own the loans and apparently the Feds too.