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The country is short millions of homes, and as interest rates keep would-be homeowners as tenants, rents are climbing to new highs. The median apartment rent in Manhattan hit $4,150 in July, for example, the sixth-straight month a new record high has been set in the city.
On this episode of Bisnow Reports, Redfin Chief Economist Daryl Fairweather talks about the ongoing national housing crisis, the Federal Reserve's measures to bring down inflation and why some homeowners push so hard against zoning changes that would allow for the development of more affordable housing at a wide scale.
“A lot of homeowners, when they buy a home, they are not just buying the home, they are buying the neighborhood, and they feel the neighborhood should be identical to the way it was when they bought it forever,” Fairweather said on the podcast. “I think that is just a misplaced entitlement. It’s unfortunate that homeowners can band together to make it a lot harder for other people to have access to the housing that they had access to.”
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