Please explain the rental crisis across the West Coast.

Dear Dr. Wolff. My rent just went up again by $70 after only 6 months. Even more than it did for the first six months. And if I choose not to sign a lease, it will go up by $400. In addition, I can no longer find apartment complexes that will pay for any utilities. Can you please explain what is going on with the rental crisis up and down the West Coast, from Los Angeles to Seattle? Is it really an issue of supply and demand? Or is there more to it? My rent continues to increase despite any new apartment constructions that surround me. And most of these constructions begin at the high end of the market. I read that rent prices here in southern CA have risen by twice the rate of inflation in recent years. Seriously, it's killing me. I'm not prepared to buy a house, and I don't know where to move to escape this. I'm an educated professional who makes a fairly decent living -- but apparently not enough to keep a roof over my head. What is happening? And what are your thoughts on rent control measures? Will they address the source of the problem? Here are some articles that thoroughly confused me. Thanks. http://beta.latimes.com/business/la-fi-costa-hawkins-repeal-20170314-story.html https://www.ocregister.com/2017/08/17/southern-california-rent-costs-soaring-twice-as-fast-as-inflation/ http://www.laweekly.com/news/will-rent-control-come-to-pasadena-long-beach-inglewood-and-glendale-8879562


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  • Amy Preci
    published this page in Ask Prof. Wolff 2018-01-08 03:03:00 -0500

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