Why Your Rent is So Damn High | Let Lee Explain

  • Published on Apr 7, 2019
  • In 2017 about 43 Million Americans spent more than $485 billion on rent, which is the most money ever spent on rent. Lee explains why so many people are renting more than ever and how much we are spending on it.
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Comments • 2 941

  • Alp Gul
    Alp Gul 9 days ago

    we need Mr Drivick on this shit

  • Anna
    Anna 10 days ago +1

    Meh, I'm moving to London next year with about 1800£ as starter budget for rent per month. It's more pricey than where I'm from but honestly not that expensive, and London is supposed to be one of the most expensive cities in the world. Just get a decent job and it's definitely affordable. (Coming from a Gen z)

  • Great bird of hope
    Great bird of hope 24 days ago

    In Maryland 2019 if you dont want to live in the hood in Baltimore with ghetto savages its over $1000. To have a nice apartment in a good area you are starting at $1500 minimum . Lol i make 1700 per month.

  • Toshiro Hitsugaya
    Toshiro Hitsugaya 24 days ago

    Grrrrrr not enough pay, yet raises prices.

  • AcaJudi JudiJudiJudi
    AcaJudi JudiJudiJudi 25 days ago

    Rent is too high and utilities.

  • Kevin Jacobson
    Kevin Jacobson 25 days ago

    I work three days a week at walmart and can afford my rent, groceries, electricity, and internet.

  • acajudi100
    acajudi100 25 days ago

    You are so correct. Landlords are as greedy as fuck. I could move to a cheaper country, since I am retired. Utilities are super high.

  • Alyssa Marescalco
    Alyssa Marescalco 28 days ago

    I live in Asheville NC and let me tell you gentrification is a huge reason why we have an exodus of people who aren’t wealthy to other places. We have tons of homeless people galore we’ve always had a traveling homeless population but now with all of the affordable houses turning into air b&b’s it’s depressing to see people being evicted because they can’t afford their rent anymore

  • Edward Chang
    Edward Chang Month ago

    this is a terrible video by not explaining why rent is so high nor why rent control is good other than that rich people are greedy

  • alize0623
    alize0623 Month ago

    Blame rich white kids. They overpay for their Starbucks. As soon as you build one in the area, you call to them like locusts. They’re attracted to the “charm” of the area but then take it all away by making it as generic as what they were avoiding.

  • Wraith Designz
    Wraith Designz Month ago

    The statistics are far far worse than this. most people I know pay about %50 or more on just rent! let alone bills and food. Not to mention, greedy corporations who exploited the 2008 housing crisis, kept jobs only hiring part-time, never wanting to give full time, even though our economy atm is better than its been in over 60 years! Greed and corruption, is causing the majority of this. No to mention, illegal immigration and amnesty, SSA is giving asylum seekings $1,200 to 1,400 per check a month! this allows illegals to be able to pay most rents, tax-paying blue-collar workers, are not able to because the system is now literally built against them. Landlords are greedy, and most are foreign buyers, or, investors, causing the same real estate bubble we got during the 2008 economic crisis. This is not going to change, especially when we have people running the country who are selling Americans out for illegals. blue-collar workers are no longer lucrative, but immigration somehow is. It's really F'd up the favoritism going on, and the American people are fed up man. Most people be paying way more than %30 of income, that is a wicked old statistic, most be paying %50 or up to %70 or more. People are being forced to live with parents, or roomies just to stay afloat and even then, it's hard as many roomies don't seem to care or pay their share, or fights occur over finances making life even harder for most. The average worker can't even afford a 1-bedroom apartment alone, let alone a 2-bedroom, as 2-bedrooms tend to only be 200 more than a 1-bedroom, to push living with others or to rent out those over single room apartments. not to mention, rooms now are skyrocketing for rent, i just left a place that began at $450, and in 4 years they wanted over $900! greedy multi-millionaire landlord and management company who his best friend ran wants to increase rent to $1000 by next year! that's in a college town btw. so imagine what college students deal with, and their parents. Society is forcing people to go backward, and greed and crooked politicians, landlords, housing courts, and employers, all help this get worse, and it is escalating at an insane rate yearly. I could go on, but you get the point as many I'm sure reading this do.

  • Rachel McLean
    Rachel McLean Month ago

    Here I was hoping you would dive into the way rent is actually determined by landlords and the actual reasons why it is high, instead of getting to things unrelated to rent like student debt and healthcare, or worse draconian rent control schemes... I love how you wanted more people to live in government run projects, ohh the government known for its' efficiency and customer experience. You want to make rent more affordable? Learn some economics supply and demand, more people want to live in a trendy city, but the number of housing units lags behind the increasing demand (because housing creation isnt instantaneous, existing residents resist new building/neighborhood changing) resulting in higher prices. Make building more housing easier (increase supply), encourage city based businesses to use more remote employees (decreasing demand), increase infrastructure to allow for quicker commutes into cities (decreasing demand),

  • Pang Yang
    Pang Yang Month ago

    I think they should drop rent prices and then not raise minimum wage from 7 dollars that way even when they pay us 7 dollars we can afford a place to live and there wont be a need to raise minimum wage because if you raise minimum wage then the cost of living will go up and the purchasing power of our money will go down as prices rise. so it might be a good thing to have rent control so that the purchasing power of our money becomes stronger not just that there will be more of purchasing if prices were a little lower. when prices are at a all time high then there wont be a lot of purchasing. all i know is raising the minimum wage wont do anything if prices for rent keeps going up think about it. Rent goes up we raise wages and then it goes up again then we raise wages how long until we start getting paid 40 bucks an hour for minimum wage with prices raising in all forms of goods in services. I call that inflation. The only way to get rid of that inflation is to do rent control.

  • Brian Gamble
    Brian Gamble Month ago

    This video has lessened VICE’s credibility as a news platform. I feel sorry for how scorned this young man is but that is no reason to call landlords rich assholes. Being a landlord or developer has lots of risks, you can literally lose everything. In addition, you will probably be paid nothing or very little for the first decade you are in the business.

  • TheSnowFoxParty
    TheSnowFoxParty Month ago

    I make 53k a year before taxes and living on your own in your mid 20s like myself is very difficult....also in in the Washington DC area. So......yeah. and the prices keep going up and up

  • David Conroy
    David Conroy Month ago

    It's really the states govermern and the landlords that are causing the problem... as buildings are sold it they reasses and taxes goes up....

  • David Conroy
    David Conroy Month ago

    Nice video! I agree with you 'rent should increase anymore then the rate of inflation" once the initial rent is set.

  • Sakigami Fox
    Sakigami Fox Month ago

    The truth is that the world is over populated and we need a new world war or plague. Bodies need to drop.

  • Water Bug
    Water Bug Month ago

    I'm 62 years old and there has never been a time in my life when any person making minimum wage could afford an apartment. I'm not sure when people thought earning minimum wage was enough to have an apartment. What we did when we were young we rented apartments with roommates and worked to get better paying jobs.

  • Millton Freedman
    Millton Freedman Month ago +1

    Abolish all rent control and "no cause" regulations! Rent control causes housing shortages.

  • Section
    Section Month ago

    That chart about apartments is retarded. Im from New England and I know for a fact The celebrity vacation homes in Vermont and New Hampshire are affecting that curve. Shit is cheap af up there. Its only Massachusetts and Connecticut that are relatively fucked.

  • the420xtc
    the420xtc Month ago

    So wrong so dumb plz consult Ben Shapiro before you open your tarded mouth again

  • JaydoDre
    JaydoDre Month ago

    This video spent about 10% on what the title says and the rest on a traditional hippie view that has been expressed and countered a gazillion times in the past already.

  • zerillimassimo
    zerillimassimo Month ago

    This is the dumbest most one-dimsensinal video. It was doing well in explaining how bad the rent situation is in America, but when it gets to talking about the solutions it can only come up with one. Which is Universal Rent Control. And promotes like it's a no-brainer. As if there are no cons to it. Most of the VICE videos I've seen have been much better researched and much less opinionated, that's what I think it needs to stick to.

  • Jacob Martin
    Jacob Martin 2 months ago

    Holy shit this is dumb

  • Jacob Martin
    Jacob Martin 2 months ago

    Because real estate investing is a business, as it should be. If you don’t like it, go get an FHA loan and pay 3.5% down on a cheap house and get out of the rent cycle

  • Peter Mitchell
    Peter Mitchell 2 months ago

    Suck it vice

  • Peter Mitchell
    Peter Mitchell 2 months ago +2

    "Rich aholes" nice way to describe someone that worked to build apartments.

  • Peter Mitchell
    Peter Mitchell 2 months ago

    Supply and demand idiots

  • Savvas Tsochataridis
    Savvas Tsochataridis 2 months ago +1

    The answer is tiny house they are pretty good and modern with all the comforts you need you can buy or make one I think if you pay 1000 dollars for rent you can buy or make tiny house adios head pain welcome freedom

  • Naruto Uzumaki
    Naruto Uzumaki 2 months ago

    And this is why just because you immigrate to united states it won’t give you a better life or you’ll become a little richer

  • Mario Pierre
    Mario Pierre 2 months ago +4

    Am I right to say this a symptom of a bigger problem...?

  • :
    : 2 months ago +17

    *Universal rent control*
    *Universal basic income*
    sounds like communism

  • News Now Fort Worth
    News Now Fort Worth 2 months ago

    oh look the 1%ers thumbs this down

  • Prophet YouTube
    Prophet YouTube 2 months ago

    Another stupid @ss video! Solution, move idiot.

  • krul Krulle
    krul Krulle 2 months ago

    Their should be severe penalties on leaving rentable houses empty. They should pay the goverment extra taxes if a building is empty and could be rented out.

  • Eric Anderson
    Eric Anderson 2 months ago

    A: The FED insures that investments accrue to the top .1% and especially to the top .01%. The FED and all other Central Banks assure this by adjusting the interest rates and printing money. Your ability to earn more as a percentage of income is diminished because your productivity is no better now than your dads was 20 years ago. You are a slave to government debt by design and its been this way since 1913. That is why Why Your Rent is So Damn High.

    On the bright side because the US still has the best Constitution in the world and Democrats have not thoroughly destroyed it all other countries would rather invest in the US than any other country in the world including their own.

  • Blake R
    Blake R 2 months ago

    Who the hell would down vote this video? Are rich a$$holes who Jack up people's rent watching Vice videos on TVclip?

  • soccerchamp0511
    soccerchamp0511 2 months ago +7

    Vice, rent control is a horrible idea. Maybe next time get an actual economist to answer this question.

  • Prod. By Germa2K
    Prod. By Germa2K 2 months ago

    It'll be higher under a Democrat.

  • Phil Jones
    Phil Jones 2 months ago

    You sound mad

  • CrowSong Lodge
    CrowSong Lodge 2 months ago

    Oh geez... I am currently trying to work out how to move locations again and am feeling very daunted.....

  • Manuj Madan
    Manuj Madan 2 months ago

    Thank God I am an indian and we don't move out until well whenever we like lol. And rent in the city where I live is around 150$ (good place with 2 people sharing also 2 times meal) lawl.

  • rehezin
    rehezin 2 months ago

    I pay 880$ for a 667sqft apartment in sweden.

  • XmungaM
    XmungaM 2 months ago

    So instead of developers paying to build new housing, you want cities to do that? You know cities don't just print cash right? Seattle has ~10% sales tax already which is highly regressive. If only there was a way to make rich people pay to build new housing. Oh wait...

  • spooky
    spooky 2 months ago

    For a two bedroom two bath apartment in Oregon costs about $1100-$1300 but can be as high as $1500

  • Am I Being Detained
    Am I Being Detained 2 months ago

    Was that sample size at 1:00 adjusted for population? No. Shitty statistic.

  • Emile Malafa
    Emile Malafa 2 months ago +1

    Excellent Video!!!

  • B.J. Dena
    B.J. Dena 2 months ago

    The rent here for 3 bedrooms and 1 bathroom apartment is 5000 rupees per month /60$ per month which is insanely high

  • bpalpha
    bpalpha 2 months ago

    Not only is the rent to fucking high everywhere in America, you spend so much of your time working trying to afford the place you pay for that you don't even get time to enjoy living there. Fuck capitalism. Capitalism is legalized organized crime. Housing should be a birth right.

  • Aidantha King
    Aidantha King 2 months ago

    No this guy was lazy af

  • Farizal Resat
    Farizal Resat 2 months ago

    We should evolve into Vampires so we can live inside a coffin.

  • average Canadian
    average Canadian 2 months ago

    What if for 1 year the federal Reserve just said fuck tax and fuck money and gave everyone 900k every day that would be amazing

  • ozzy
    ozzy 2 months ago

    1.6k land owners and business owner disliked this video.

  • Brian Kurtz
    Brian Kurtz 2 months ago

    There are a lot of things the economists disagree on. There is only one thing that they pretty much ALL agree on. Rent Control is a Terrible Idea.
    You gloss over those points and straw-man slap them down with the remark about holding back "gentrification". That's such an oversimplification that it's irresponsible.

    The REASON that rent is so high is because there is not enough housing units available...in SOME areas. It's disingenuous to point at New York and San Francisco. There is a lot of world out there OUTSIDE New York and San Fran. And ya know what? You can MOVE.

    You can buy a HOUSE in a nice neighborhood with good (not epic) schools in my area in the suburbs south of Detroit for $150,000 - $185,000. A 3-bedroom, 2 bath ranch 1,100 sq ft ranch with a finished basement in Trenton Michigan. That's less than $1,000 a month for a full-on mortgage payment at current rates when using a 3% down FHA loan.
    So you can MOVE. There are lots of places like my area around the nation. The PROBLEM is entitlement. People think they "should" (

  • Stan Malikov
    Stan Malikov 2 months ago

    Rents are controlled by the market, that will typically dictate prices based on surrounding demographics. Rents are so damn high not because of some overall conspiracy, they grow an average of 3% per year, in order to account for inflationary risk. Universal rent control is a stupid, for very elementary reasons (look at NY rent history). I would do some more research before making a presentation for Vice, because this video is embarrassing.

  • ISpitHotFiyaa
    ISpitHotFiyaa 2 months ago

    Why is it that people accept climate change like it's some indisputable fact even though hardly anyone out there knows anything about climate science but with something like microeconomics (which has been settled science for centuries) every know-nothing rando gets to voice their opinion and propose laws on the subject? How many economists do you think would be for rent control? It's literally a case study for a bad idea in freshman econ. How many economists do you think would say that gentrification is why rents are so high?

    The reason your rent is so high is because those evil developers you hate for some irrational reason aren't building enough housing in the regions where the job growth is and they can't build housing there cheaply enough. You can mostly thank bad government policies for that.

    • DA REAL Johnny Appleseed
      DA REAL Johnny Appleseed 2 months ago

      I’m an Econ major and I can definitely tell you gentrification drives up rent. I really don’t even know how your saying this isn’t a thing. Like it’s common sense.

  • Sebastian Orjuela
    Sebastian Orjuela 2 months ago

    This is so anti-science.

  • Kindle Fire
    Kindle Fire 2 months ago

    2:46 sounds like communism for your pathetic liberal propaganda junkies

  • Daakist
    Daakist 2 months ago +5

    How about a two pronged approach, rent cap AND 1:50 ratio on pay. The highest paid employee (including benefits) cant make more than 50 times the lowest paid employee.

  • Doc Holiday203
    Doc Holiday203 2 months ago

    The problem is the FED and over taxation. If the FED keeps printing funny money it devalues the buying power of the dollar. The 2008 crash was the start of the beginning of the end in terms of economic sanity. The next crash is coming and the gov't can't do shit about it. If we don't end the FED we are fucked, so stop asking the gov't for hand outs and solutions, they the ones who put us in this shit show.

  • Leudwig vonshwartsenhelm

    He makes some good points but one thing he didn't mention was that one of the reasons rent goes up is because everybody votes yes on all these property tax measures for various things thinking that "Oh that won't affect me because I rent and I don't own property" well guess what the person who does own that property just increased your rent because of the property tax measure that just passed because you voted yes for it.

  • Kenpachi Zaraki
    Kenpachi Zaraki 2 months ago

    so many lies. Rent control is what makes these apartments so expensive in the first place

  • nada
    nada 2 months ago

    Good idea, government housing is awesome. I love living in the projects. Vice is horrible

  • nada
    nada 2 months ago

    Under 1 minute and so many holes in this video. Vice you are horrible. Propaganda pushers

  • Brennan Stultz
    Brennan Stultz 2 months ago

    Not all landlords are bad, but a lot are. Also, it doesn’t help that consumers are lazy. They don’t want to pay agent “fees”, which will make people like me convince landlords to up rent by three hundred dollars and pay me at of your initial deposit. And then next year the landlord again won’t pay fees (nor the applicant) so I jack it up again by another 300. In Williamsburg there’s a specific area that was 2100 for a 3BR and now it’s around 3k. This has been in the last three years.

  • argentum2f
    argentum2f 2 months ago

    Price is a supply and demand problem. You can't just fix the prices - or you'll just end up with shortages. If you want to bring prices down, look at the supply, and ask why it isn't going up to balance out prices. The answer is usually zoning laws, etc. (that prevent new development).

  • RaoulDuke6666
    RaoulDuke6666 3 months ago

    This was always the case. When I started working I had to live with various crazy room mates. Don't pretend it's a crisis.

  • Jake Longg
    Jake Longg 3 months ago +1

    The idea that no one on minimum wage can afford this or that sized apartment is skewed.
    Even if a person gets double minimum wage, they often still cant afford the same place due to debt. That lower mid class often over spends and has enormous debt. So they may have a few material items to their name, but they payout for them and end up in the same bracket near minimum wage.
    I personally make nearly 60 grand a year and cant afford a cheap ass 2 bedroom apartment in the ghetto due to school loans and some bad credit purchases I made while making 30-40. Add a car and its costs on that, Ill need 70-80 grand a year to barely afford a 2 bedroom apartment. ANd dont kid yourself, we know we can get a cheap place, but a 2 bed can easily cost 1500 these days or way more.

  • tettsuo91
    tettsuo91 3 months ago

    Defending Michael Rotondo? He was a loser that wouldn't work and leeched off his parents. This guys videos are absolute garbage.

  • Dwayne
    Dwayne 3 months ago

    I hate how this kind of video makes rich people look like villainous cartoons. Not to mention, being a landlord doesn't make you rich or an asshole.

  • hugo sinclair
    hugo sinclair 3 months ago

    Maybe deport everyone who shouldnt be here and then lower demand for apartments.
    Also deregulate zoning and other factors to allow more apartments to be built faster rather than commie shit.

  • itsurguy1
    itsurguy1 3 months ago

    I luv this guy; he don’t give two sh@$s. 😂👏

  • Rompelstaump
    Rompelstaump 3 months ago

    The only real solution- decommodification of housing. More than half of all real estate is vacant, investor owned property. Capitalism is literally killing the new generations of working class families. There are real policies that could be enacted today without hurting anyone.
    Privately held wealth would take a huge hit. With the right social welfare programs, nobody would get hurt (other than losing their extravagent lifestyles)...or... we could just riot and eat the rich.

    • Rompelstaump
      Rompelstaump 2 months ago

      @Nuclear Armament - The major problem with your premise is that housing every single homeless person is far cheaper and far more effective at solving the actual problems associated with homelessness (we will save money and people will be in a better position to contribute to the economy).

    • Nuclear Armament
      Nuclear Armament 2 months ago

      the problem is relying on other people to give you what you want. even if people "need" housing, it should be their responsibility to collectively bargain and come to a consensus that they should pool their resources together to buy and manage their own housing. Form your own unions or take over existing, use the dues collected from the paychecks of employees working for companies the union has contracts with, and use it to fund workshops and job training for these established employees and newcomers to the job market. Eventually you'll be able to create a company that can actually compete with the ones the union contracted, and you just made the market and the world a better place.

  • Kyle Ardelean
    Kyle Ardelean 3 months ago

    Why would a person making minimum wage need a 2 bedroom apartment

  • Rizky Wahyu Ramadhan
    Rizky Wahyu Ramadhan 3 months ago

    The video is missing an underlying economy. When you put a price ceiling on an apartment, there will be a shortage of apartments, because everyone can afford them. And when there is not enough renter and apartment vacancy increase, the price will come down to entice renters. Etc etc. I think what they should do is to increase the supply of apartments whether to pass an incentive to make developers make more apartments, or make government-built apartments, this may help to decrease the rent prices.

  • sazopro
    sazopro 3 months ago

    You can’t make rent with minimum salary in any state? You have two choices: get smart and get a job where you make more than minimum salary or move the fuck out of the country. This coming from an immigrant living in the US paying rent by myself!

  • Mr. E
    Mr. E 3 months ago

    Minimum wage and you want a 2 bedroom?
    Shit, I'm not your parents and my experience renting occurred in almost essentially the same circumstances circa 2003 when I left college. Sure college and rent have increased since then but I consider it a wash with significantly lower min wage, half as large public transit, significantly higher crime and finally I actually had to pay for my music, movies and text books. That and well my gen isn't really known for living with their parents.
    So how did we do it? That 2 bedroom if carefully considered can house six of us, but chances are we ended up sending a 6 bedroom housing 11 in a seedy area and would throw punk shows twice a month for cash. Also the 1$ Whopper. Back then it was a Jawbreaker song "punks, bicycle Messengers and art school dropouts." Who went without many of the things taken for granted today at a time equally as fucked do to the .com bust.
    That said there is one thing though that we could do then and not today. There were still non-metered parking spots in Seattle back then so I guess we had that at least.

  • max valle
    max valle 3 months ago

    Classy reporting, Vice 😂

  • Justin Worboys
    Justin Worboys 3 months ago

    The government restricts the number of housing locations available and then imposes restrictions, licenses, government mandated insurances and taxes on the land owners.
    Plus they have to pay contractors to keep up property, and those contractors need to pay the government fees, licenses, insurances, and taxes.
    All of those cause the property owners to raise their rent prices.
    Painting a picture of these "fat wealthy property owners" is propaganda and pandering.
    Those rental properties have increased in quality exponentially which is because of those government interventions though.
    So, welcome to the real world. You want higher quality, it costs the society as a whole. And especially costs large government interventions.
    Rent control wont help either. It'll just cause the landowners to shut down the buildings.
    You need to allow new building development and competitive pricing. Lower pricing will mean lower quality living space though. Unless you create a more hostel like living situation.

  • mtruo001
    mtruo001 3 months ago +1

    Saying housing is a human right sounds rightous, but you know you are really saying living downtown Manhattan (or somewhere cool) is your right.
    It's not. Rent to high? Move to another spot.

  • Holiday Salmon
    Holiday Salmon 3 months ago

    Let's just make things worse - Vice

  • HillDoggy Dogg
    HillDoggy Dogg 3 months ago

    Our wages have the same power of the 1970s? THAT'S BULLSHIT. In the 70s people were living phat. Living Standards in the US peaked in 73 and decline since then.

    • HillDoggy Dogg
      HillDoggy Dogg 2 months ago

      @Nuclear Armament How was it an anomaly? Andrew Jackson years were also great. It all about telling the Jew Bankers to fuck off an go worship Satan like they usually do. When you have a strong nation, with its own currency paid for in labour, with industry and a nationalized central bank, we will be living well. This is getting horrendous. With all the Low IQ retards with their Global Warming CO2 hoaxes, thinking if we pay more to bankers our weather will be more normal, not to mention the Agenda 21/2030 price hikes on everything. Also, the immigrants. This all shows you, the elite want to DESTROY the middle class. Don't call normal times anomalies, call this financial service pyramid time where Jew bankers suck the blood out of our children anomalies.

    • Nuclear Armament
      Nuclear Armament 2 months ago

      The period of American history between the post-war years and the mid-1970s was an anamoly. It was never supposed to be the norm. All years prior and since that period are the norm.

  • Frank Halpern
    Frank Halpern 3 months ago

    4:55 "cities arent motivated by profit" - wrong, they have budgets and they need property taxes. The vast majority of municipality budgets come from property taxes. How do cities build these affordable housing units without massive budget deficits and losses? Plus if you know anything about government bid and no-bid contracts you would know there are billions to be made for such construction projects. I

  • John Jacobs
    John Jacobs 3 months ago +8

    This is absurd. There Is A Housing Crisis... restrictive real estate development ordinances are literally causing low supply and creating a housing crisis. This is simple.

  • J. Clarence Flanders
    J. Clarence Flanders 3 months ago

    It's a bad idea, it solves a problem in the most brute-forced way possible, with little regard for the consequences. The reality is simply there is not enough housing at the various tiers available to meet the demand in cities. However, there is absolutely nothing physically stopping more housing stock from coming to market, and that is something URC proponents seemingly don't like to acknowledge.

    Yes, developers like to build luxury apartments, because they make more money on the markets tacking on pointless amenities for the few of us with money. However, that's only the case because it's economically cheaper to cater to that audience than middle or working-class renters because of policies and regulations, not the actual homes themselves. In DC for example it takes about five years to bring a new apartment building online, but only actually two years to physically build it. Three years is largely spent on paperwork and getting approval. That's three years where you do not see returns on your investments, and so obviously you try to get as much back later, and it's easier to get a few extra bucks sticking a pool on a roof than building homes that cater to people with less money.

    This is where regulations comes to bite middle and work-class people again. The zoning and planning process is ridiculous, it restricts the types of apartments that can be built, which would reach people at different price points. Which again would diversify the market and help control prices.

    Lastly, there is the issue of the renters, like me, ourselves. It's weird to say if you work a minimum wage job you should be able to afford a one-bedroom apartment in any city. Nothing about the former really has to do with the latter. And if you can't there is some colossal social policy failure. Okay, so maybe we have to share a home with roommates for an extended period of time in our 20s and our parents didn't have to do that. I don't see what the big deal is.

  • Hey Zeus
    Hey Zeus 3 months ago +2

    Live below your means! I’m 20 years old about to buy house making $40k a Year! Don’t let excuses stop you from achieving your goals !

  • Marcus Bradley
    Marcus Bradley 3 months ago

    What do you mean "cities aren't motivated by the profit"? Ever heard of property taxes? Ever been to San Francisco?

  • Zach Waddill
    Zach Waddill 3 months ago

    Gentrification; that's what the landlords expect. You out, professional incomers in. You go pick a ghetto state to live in, because you're a loser.

  • D D
    D D 3 months ago

    Agree with some, disagree with others

  • Raul Medina
    Raul Medina 3 months ago

    Rent controls just don’t work!!!!

  • lilm497
    lilm497 3 months ago

    Rent control stops the prices from increasing but if you can’t afford rent right now that means nothing. They need to crack down with inspections and price regulation (reduction). A place like where I live shouldn’t be able to charge over $1000 in rent with no central heating / cockroaches / mice / poor water quality etc. Our gov allows businesses to gouge us for everything we have but the “economy” is great so screw the citizens? It defeats the whole purpose of civilized society when it’s harder to survive in a city than it would be living in the damn woods.

  • Paul Burns
    Paul Burns 3 months ago

    Does anyone know if the average cost of living in the united states has increased proportionately to inflation? If so, this may be further evidence of market growth but not proportional increases to minimum wage.

    • Paul Burns
      Paul Burns 3 months ago

      Update, I'm moving to Canada

  • Justin Raley
    Justin Raley 3 months ago +1

    I payed rent for years and hated it. But I still believe this is an overstated problem. My problem was solved by MOVING AWAY. People all want to be victims, like they don't have a say but they do. Maybe housing is a basic right but that Doesnt mean you have the right to live anywhere you want. Find your best living option, as close as you can to work. If it turns out to be too far, Find a new job

  • Pos dem
    Pos dem 3 months ago

    The issue is that many good jobs are in located in cities. Out with the suburbs and in with the city living...you are paying a premium for the location. It’s all about location with real estate. No one wants to commute 1.5 hrs to work in traffic. High earners leverage their buying power to select better locations. The market is competitive across all income groups.

  • AskMiko
    AskMiko 3 months ago

    Some people don't need a two bedroom. Michael as an example, only needs a one-bedroom. Sq. ft. is a luxury. When just starting out, go with a one-bedroom and gradually work up. Now those with kids is a different scenario. I'm just speaking in general terms as to 0:37 and the scenario using Michael.

  • Νικόλαος αἰσθητικός

    You might think that rent control is the solution, but it’s not. Rent control causes a shortage! Duhhhhhh 🥴 Go back to school and pay attention in ECON 101.

  • Asura Heterodyne
    Asura Heterodyne 3 months ago

    I feel like I'm so lucky that I have had time to mentally prepare for this reality. I'm going to (hopefully) graduate and start working in June. I don't expect to move out of my parents place for a couple years, and even then, I'm not expecting to have anything but an apartment rented with friends. If I'm lucky, I will only have to share a bathroom with 3 people, and not actually share a room maybe. Depending on where you get your numbers, I might be a millennial, but I think that the real millennials got the short end of the stick when they were promised to have as good of a life as our parents and then found out that it was a lie in 2008. I was around 10 back then. I've had enough time to come to grips with the fact that I am going to see humanity collapse, or I'm at least going to see America's "leader of the Free world" status end. I just have to hang on, and do everything within my power to not become homeless and dying from lack of healthcare.
    I don't plan on having kids, though I might wind up helping to raise some. I might try to arrange a co-parenting situation, where 3 couples or so raise a couple of kids together as a family. This would allow us to pool money for cost of living, as well as share the burden of proving for the kids, and be able to have enough adults around to have one person available to parent at any given time. If each of us 6 adults get 2 days off per week, that means that at any time there is at least one parent for the kids.

  • mike hawk
    mike hawk 3 months ago

    Universal Rent Control would be way better than UBI get on it Yang

  • 4c1dr3fl3x
    4c1dr3fl3x 3 months ago

    I own my home in Portland, OR. Let me kind of give you a timeline of how the housing crisis we have here went down, chronologically.
    2007: New construction on grossly overpriced, packed-in-shoulder-to-shoulder housing developments go through the proverbial roof, beginning of housing bubble here. House flipping runs amok.
    2008: Those houses fail to sell, sitting empty because they were A. Overpriced to begin with, B. Wages have been flat for several years now
    2009: Renters, often renting from the same companies that are building the houses that aren't selling for a fortune, see their rents start to creep at least 10% at first
    2010: Housing bubble has completely burst, property values begin decline, houses still sit empty
    2011: Rents skyrocket, coming close to 30% increased cost by now. Since no one is buying our overpriced homes, groups like GSL properties jack up the price of their rental apts to cover their loss on home construction. At this time, I bought a cheap house in a bad neighborhood at the bottom of the bubble because it was cheaper ($725 per month to own, versus $490 that became $750 in 5 years for my 1 bed Apt) than renting. I would not be the first to come to this realization
    2012: _OLDER_ home buying spikes. Bigtime. Home prices begin a massive rise that continues until 2018. Property flipping begins again. Rents do not decrease to compete with rising home ownership costs. Transplants from out of state begin to trickle into Portland for both tech jobs and the quirky culture. Small businesses increase, jobs increase, but wages stay flat
    2013: Neighborhood homes & businesses who were in old buildings begin being bought up, priced out, and torn down to accomodate the flood of new Condos that are being put in their place, because the Portlandia Craze has begun. Homelessness stops being just junkies and mentally ill people, starts becoming working locals who literally can't afford the place they lived for a decade. Start seeing them on every on/off ramp panhandling.
    2014: Houses continue to rise in price, rental price of apartments rises even faster. More condo/Apartment construction, more beloved local establishments built over the top of them
    2015: Transplants are now flooding into Portland. Wages start to see some increases. Word gets around that Real Estate moguls are increasing their pull in City Hall
    2016: Supply side Rental economics hits it's current peak, Portland has become a property gold rush, homeless locals in droves, high-income tech transplants are having a tough time affording rent too, people are buying homes that they definitely won't be able to pay off in their lifetime, City leadership green light even _more_ construction on condos, bulldozing more local iconic spots to make room for them under the lie that it's "providing affordable housing", turns out to still be just more overpriced apartments stacked like filing drawers
    2017: Rent for my old 1 bedroom, 500 foot apartment in the suburbs has hit $1180. When I first moved there in 2006, it was $490. My cheap, bad neighborhood house is still $725, but just about everyone else with a mortgage is paying closer to $1600+ for a Skinny Home, and oddly, even more for an old home that has lead paint, asbestos, or other problems
    2018: Homeless crisis reaching boiling point, some are being attacked by neighborhood thugs with things like tripwires at throat height that nearly kill a passing bicyclist. Now on almost every major street intersection panhandling, not just the ramps. Squatting anywhere and everywhere they can. Police give up trying to just move them from Point A to No Idea Where all the time.
    2019: Governor Brown's rent control measures not nearly as comprehensive as VICE is implying here, Real Estate Lobby are still running good portions of the state and ALL of Portland City Hall. Housing sales have slowed. No one can afford to move here. They still move here, but realize they can't afford it. Ecomony has slowed because no one has any cash, they have to spend it all on rent. Condo/Apartment construction continues, only now the taxpayers are helping pay for construction without any promise of a payback in exchange for untrustworthy promises that they'll be "affordable" for a few years by the property developers. Measure 102, which in their desperation, Oregon voters passed by nearly 60%. What constitutes "affordable" remains unclear to the taxpayer. Property Lobby buying massive internet airtime to fight rent control measures in local media, and putting flyers on doors trying to gain popular support. Literally just took one off my door knob 20 minutes ago.
    Bubble set to burst again, but rent won't go down when it does