Home owners? They like it.
Imagine you make $40k and spend $700 on a 1 bdrm in Madison. Over the past few years your rent probably went up by $1,500/yr. That's the same as if your federal taxes had increased by 50%.
This can't happen. This has never happened. This won't happen.
One example in real estate is the mortgage interest deduction which was intended to create more home owners.
It did not do this. brookings.edu/articles/encou…
Build more housing.
Want an example? From 2010 Madison's population grew by ~15k. Our housing stock grew by ~3k. With roughly 2.2 people/unit, we under-built by about 4k housing units.
What would you predict happened to rent prices?
During this same 5 year period, the average rent listing for a 1 bedroom in Madison went up from $700 to $1,100.
A paltry 57% increase. Btw, average incomes of these renters did not go up by 57%.
It's not like we don't have land and we don't have willing developers who would like to earn returns developing it.
We simply lack the focus.
Remember when I mentioned that some folks move further away in order to maintain their rent/income ratio? That isn't without hidden taxes.
When you move out, everything is further away. Want to take the bus into work? Good luck.
I've done this. It sucks, believe me.
This is what a lack of density does though.