Renters in these U.S. cities pay, on average, more than 30% of their income in rent.
There is some good news when it comes to rent in America, Chen said: The all-time high rent burdens are likely peaking and "starting to normalize.""We’re seeing some positive signs," Chen said."We may be staying at this 30% threshold for some time, and it means we need to address it in a creative way," Chen said.
Chen said public-private partnerships are among the most meaningful ways to address the affordable housing issue: public subsidies can help when affordable housing "doesn’t always pencil out with developers from an economic point of view."Goldman Sachs says 4 US cities will suffer a 2008 crash in home values
Another way to bring more affordable housing to the market is by converting unused space in other sectors — like office and retail — to residential real estate. "I think that’s something we didn’t see take the mainstream before COVID happened," Chen said. "Now we’re seeing it more and more, and it’s a very promising trend to track. That could be one way to inspire incentives for the private sector to get into that space and create affordable housing.
"Affordable housing is important for all of us, it doesn’t matter where we are on the income spectrum," Chen continued. "It takes a lot of effort, but we’re on the right path and we’ll continue monitoring."
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