Sara Longstaff, a mother of two special needs children in Miami, Florida, is facing a major rent increase on her 3-bedroom unit this summer as her lease expires and her building is bought out by a new firm that markets its 3-bedroom models for 30% more than she currently pays.
“We actually have to fix this problem in the long run,” says Ann Oliva, vice president for housing policy at the Center on Budget and Policy Priorities, “and we have to make people whole right now.” Downgrading, couch surfing, and praying for a miracle There is certainly not enough funding to meet the colossal number of renters experiencing unexpected lease or moving costs, but even if some renters find a way to access the funds, it’s a short-term fix to a long-term crisis.
Many regions, including New York City, are out of funding, while others have stipulated that tenants must have lost their job due to COVID-19-which would exclude renters like deGraffenreid. Some $22 billion of those dollars remain unspent, and could theoretically be used to help people facing possible displacement from spikes in rent, some experts say. Between 20, lawmakers appropriated nearly $47 billion to stave off evictions during the public health crisis. Read More: Return to the Office? Not in This Housing MarketĬongress, meanwhile, has allocated a whole lot of money to renters in a bind, but it’s unclear if folks like deGraffenreid stand to gain.
With a gap of 4.6 million new apartments requiring completion by 2030 in order to meet demand, and 10-plus million more needing renovations, according to the National Apartment Association, the problem of rising rents doesn’t appear to be a short-term blip. It’s also a top-down problem: as home prices rose 17% last year-the highest year on record-many would-be buyers were forced to remain in the rental game. Housing construction has moved at a snail’s pace since 2008, but the timeline slowed even further during the pandemic, while widespread remote work policies have precipitated massive influxes of renters to traditionally affordable locales.
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