Today I talked to a friend who just moved into a rental unit that's
eating 40 percent of his paycheck. He says he has no choice. It's the
smallest apartment he could find within ten miles of where he works.
My friend isn't alone. Since 2001, the median monthly rental price in the US has climbed much faster than inflation, while the typical renter’s pretax income has fallen 11 percent. Result: The typical renter is now paying way more than 30 percent of his or her income for rent, and that percentage is rising. In some cities – San Francisco, Seattle, Boston, New York – it’s 40 to 50 percent. What’s the solution? Part of it is better public transportation – so people can live further away from where they work, in affordable housing. But rather than invest more in public transportation, America is disinvesting. We're spending a smaller percentage of our GDP on public transit now than at any time since World War II. Why? Ask Republicans in Congress and in state legislatures.
My friend isn't alone. Since 2001, the median monthly rental price in the US has climbed much faster than inflation, while the typical renter’s pretax income has fallen 11 percent. Result: The typical renter is now paying way more than 30 percent of his or her income for rent, and that percentage is rising. In some cities – San Francisco, Seattle, Boston, New York – it’s 40 to 50 percent. What’s the solution? Part of it is better public transportation – so people can live further away from where they work, in affordable housing. But rather than invest more in public transportation, America is disinvesting. We're spending a smaller percentage of our GDP on public transit now than at any time since World War II. Why? Ask Republicans in Congress and in state legislatures.
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