Why Your Rent is So Damn High | Let Lee Explain
VICE2019-04-07
vice#money#NEW YORK CITY#san francisco#rent#The VICE Guide To Right Now#journalism#documentary#videos#culture#interview#film#movies#underground#vice videos#lifestyle#independent#vice guide#exclusive#vice mag#vice magazine#vice.com#world#documentaries#short films#docs#yt:cc=on#finance#economy#lee adams#explainer#explained#universal rent control#high rent#paycheck#millennial#loans#mortgage#michael rotondo#30 year old evicted#living at home#let lee explain
336K views|5 years ago
💫 Short Summary
The video discusses the housing crisis in the US, where many Americans are struggling to afford rent. It highlights the record amount of money spent on rent in 2017 and the impact of stagnant wages and increasing living costs. The video also mentions the introduction of universal rent control in Oregon as a potential solution, but acknowledges the opposition and challenges in addressing the housing crisis.
✨ Highlights
📊 Transcript
✦
The housing crisis in the US is causing a significant financial burden on many Americans, with a record amount of money spent on rent.
00:00In 2017, Americans spent over $485 billion on rent, the most in recorded history.
Half of renting Americans spend more than 30% of their income on rent.
15 million Americans spend more than half of their salaries on rent.
30% of renting Americans have at least one roommate due to high rent.
✦
Universal rent control is being considered as a solution to the housing crisis, with Oregon passing a law to cap rent increases.
02:22Wages for the younger generation have stagnant purchasing power since the 1970s.
Politicians are discussing universal rent control as a potential solution.
Oregon has already implemented a law to cap rent increases at 7% plus the Consumer Price Index.
Some believe that housing should be a human right, not just a luxury determined by the market.
✦
Oregon has enacted the country's first universal rent control law, limiting rent increases to 7% plus the Consumer Price Index and preventing eviction without cause.
03:52Critics argue that rent control may disincentivize landlords from renovating or maintaining buildings.
Rent control could also disincentivize further real estate development, but open up opportunities for more affordable housing through city development.
In cities like San Francisco, where there is a housing crisis, people are living in vans and tents due to exorbitant rent prices.
💫 FAQs about This YouTube Video
1. What is the housing situation faced by many Americans?
Many Americans are facing a housing crisis, with a significant financial burden due to the record amount of money spent on rent. In 2017, over $485 billion was spent on rent, the most in recorded history, causing half of renting Americans to spend more than 30% of their income on rent.
2. How has the housing crisis affected the younger generation?
The housing crisis has affected the younger generation significantly, as their wages have stagnant purchasing power since the 1970s. With the cost of rent skyrocketing and wages not keeping up, more young people are unable to afford housing, leading to a situation where they are renting longer than any generation before them.
3. What is being done to address the housing crisis?
There are discussions about implementing universal rent control to address the housing crisis. Oregon has already taken a step in this direction by enacting the country's first universal rent control law, which limits rent increases and prevents eviction without cause.
4. What are the potential effects of rent control?
Critics argue that rent control may disincentivize landlords from renovating or maintaining buildings. It could also disincentivize further real estate development, but open up opportunities for more affordable housing through city development in the long term.
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