Humans have increased atmospheric CO2 concentration by 48% since the Industrial Revolution began. This is the most important long-lived "forcing" of climate change.*
48 Percent of Americans with Annual Incomes over $100,000 Live Paycheck to Paycheck, 9 percentage points higher than first reported in June 2021 reports the Lending Club based in San Francisco.
Although these are all fascinating, eye-opening, and at the same time horrific stats, the 48% conversation I had recently with my son is the one that hit close to home. My son lives in Manhattan. When he first moved there back in 2016, he paid $5k/monthly for a 700-square-foot apartment that he shared with two friends. He lives alone in his current 500-square-foot walk-up in a modest building but still in Manhattan. His landlord gave him notice that his rent will increase a whopping 48% in August when his lease is up.
I tell people I am a real estate entrepreneur. I am. I have owned single-family homes, four-plexes, and mobile home parks; I have managed properties and know the landlord gig well. Believe me, owning mobile home parks puts a whole new spin on being a landlord. NEVER, ever have I raised rent 48%. I think the most I ever did an increase was 12% and that was because I acquired the property and in my mind, starting from scratch to bring rents to current market prices was “fair”. The tenants didn’t see it that way.
Living in these unprecedented times of COVID-19 has allowed all powers that be to give inflation-free reign causing reflection on how we live, what we can live without, and how we spend our money. It’s often said, we make decisions based on our wallets. Affordable housing has always been a challenge. Just like all things real estate-related - everyone has their hand out for a piece of the action. What policies and incentives can be modified, and created to make affordable housing and rent increase modest?