Latest news with #Affordability
Business Wire
07-05-2025
- Business
- Business Wire
New Study Warns: Rent Control Offers Short-Term Relief, But Steep Long-Term Costs
BOSTON--(BUSINESS WIRE)--A new Pioneer Institute study finds that while rent control can lower rental housing costs and help vulnerable tenants remain in their homes, it also carries steep long-term consequences—including reduced housing quality, lower property values, fewer new housing units, and higher rents for non-controlled apartments. Today, over three-quarters of Greater Boston households earning less than $75,000 per year spend more than 30 percent of their income on housing. Only Washington, D.C. and Chicago have lower rental vacancy rates among U.S. metropolitan areas. 'Public debates over rent control policies reflect a trade-off between the short-term need to provide housing stability to vulnerable families and the long-term need to build enough housing to meet overall demand,' said Andrew Mikula, co-author of 'Stability, Affordability, and Urgency: The Potential Risks and Benefits of 21 st Century Rent Control in Massachusetts' with Aidan Enright. Rent control—typically defined as limits on residential rents or annual rent increases—was eliminated in Massachusetts through a 1994 initiative petition. But with the growing housing affordability crisis, particularly in Greater Boston, interest in rent control has returned. Today, over three-quarters of Greater Boston households earning less than $75,000 per year spend more than 30 percent of their income on housing. Only Washington, D.C. and Chicago have lower rental vacancy rates among U.S. metropolitan areas. In 2021, Boston Mayor Michelle Wu proposed a 'rent stabilization' policy that passed the City Council but has since stalled in the Massachusetts Legislature. Wu's plan would cap annual rent increases at the lower of 10 percent or 6 percent plus CPI, with exemptions for new construction under 15 years old and owner-occupied buildings of six or fewer units. Under this policy, landlords may reset market rates between tenants. Wu's proposal is similar to several 'next generation' rent stabilization programs in place elsewhere in the country. Oregon, for example, caps rent increases at 7 percent plus CPI (10 percent in 2025) and similarly exempts new construction. Most academic research shows that rent stabilization policies reduce housing quality and property values and often result in higher rents for units that remain unregulated. A plurality of studies also find that rent stabilization policies reduce overall housing supply. In a 2022 national survey of multi-family housing developers, 87.5 percent said they would avoid building in jurisdictions with rent control policies. Mikula and Enright conclude that demand-side programs—such as rental vouchers and direct rent subsidies—are more effective in helping low-income renters. These programs provide greater housing stability and increase opportunities for upward mobility without discouraging landlords from maintaining or offering rental units. Massachusetts is one of just four states that operate its own rental voucher program in addition to the federal Housing Choice Voucher Program. 'Long-term, the solution to our housing problem lies in producing enough housing to meet demand,' Enright said. 'That means streamlined permitting procedures and more flexible zoning laws and building codes.' Andrew Mikula is a Senior Fellow in Housing at Pioneer Institute. Beyond housing, Andrew's research areas of interest include urban planning, economic development, and regulatory reform. He holds a Master's Degree in Urban Planning from the Harvard Graduate School of Design. Aidan Enright is Pioneer's Economic Research Associate. He previously served as a congressional intern with Senator Jack Reed and was a tutor in a Providence city school. Mr. Enright received a B.S. in Political Science and Economics from the College of Wooster. Pioneer empowers Americans with choices and opportunities to live freely and thrive. Working with state policymakers, we use expert research, educational initiatives, legal action and coalition-building to advance human potential in four critical areas: K-12 Education, Health, Economic Opportunity, and American Civic Values.
ABC News
29-04-2025
- Business
- ABC News
WA rentals out of reach for households on income support, Anglicare report finds
Western Australia's rental crisis has reached new depths, with data from one of the state's charities showing there's not a single property or room that is affordable for people on Jobseeker, Youth Allowance or the Disability Support Pension. Anglicare WA's 2025 Rental Affordability Snapshot shows that despite a significant increase in private rentals listed across WA, affordability is languishing with the state's median rent hitting $680 per week, up five per cent from last year and 21 per cent from 2023. The charity defines an affordable property as one requiring less than 30 per cent of a household's income, and it says rooms across the state are well out of reach for households on income support or the minimum wage. Anglicare WA chief executive Mark Glasson said the report needed to serve as a wake-up call for governments at all levels to do more, and to have a bold vision to come up with long-term solutions. Anglicare WA chief executive Mark Glasson says affordability has tanked for those on low incomes. ( ABC News: Blake Kagi ) "What this survey tells us that no other one has, is that there is absolutely nothing across the whole state if you're on Jobseeker, Youth Allowance or the Disability Pension. We have never had that experience before," Mr Glasson said. "Supply has increased, so there has been a growth in the number of housing that's available … but affordability has tanked. "We've got havoc, we're there now, we actually need to be bold, and have that vision, we need a vision that says we're going to have so much social and affordable housing. Photo shows Gold Coast renters Jazlyn, Melanie and Nahla Misuraca smiling at the camera These are the nation's worst postcodes for renters, as well as the places hit with the biggest rent hikes since the pandemic. "We need a broader vision that says everyone is entitled to a house that they can afford, that's fit and safe and sustainable." A CommSec report this week crowned WA as the nation's best performing economy, but Mr Glasson said countless West Australians aren't seeing any benefit. "Yes we have a bustling economy that's really kicking ahead of the rest of the country, but the question that I would have to our leaders is 'what is that for if we can't house and feed our people'?" he said. Priced out Caitlin Beresford-Ord never imagined she and her family would find herself without a place to rent and reaching out to charities, friends and family members for assistance. Caitlin and her son Darcy could not afford an extra $190 a week for their rental. ( ABC News: Blake Kagi ) But when faced with a $190 per week increase in her long-term rental in the Perth suburb of East Victoria Park, she was left with little choice. She has been forced to move into her parents' house, with her 20-year-old son Darcy Stokes staying in a caravan provided by a friend, which is parked in the driveway of the home. "It's catastrophic, $190 a week, it's huge," Ms Beresford-Ord said. "We stopped private health insurance for quite some time, I had to make all sorts of decisions in order to accommodate that rental hike until we were able to move in here. "I can no longer afford to rent a place and keep my family together and I regularly work seven days a week." Darcy Stokes is living in a caravan parked outside his grandparent's house. ( ABC News: Blake Kagi ) Her son is balancing his studies with work at a fast food restaurant and says his biggest fear is never being able to move out and find a place of his own. "Probably just not being able to move out ever, unless I'm like living with 10 other people or something like that," Mr Stokes said. Exclusive new data shows skyrocketing rents have outpaced income growth in every regional area in Australia and all but one capital city. "None of my friends have moved out yet because it's basically impossible at this point anyway." Mr Glasson said despite so much focus on the cost of living in this year's state and federal election campaigns, the major political parties have failed to come up with long-term solutions to the rental crisis. "What we're seeing is lots of announcements … which are really welcome, they will put more houses on the ground," he said. "But we're talking about proportionality here and the scale of growth that's being projected is nowhere near enough. "The level of social and affordable housing in Western Australia is 3.7 per cent, it's dropped over the last 10 years, we need a bold government that says that's going to get to 6 per cent in this term." Loading
The Age
29-04-2025
- Business
- The Age
Not one room available in WA for those on JobSeeker, youth allowance or disability pension
Western Australia's affordable housing crisis has hit a grim new low, with a new analysis of rentals in the state suggesting anyone on JobSeeker, youth allowance or the disability pension was totally locked out of every single private rental in the state. Anglicare WA's Rental Affordability Snapshot, released on Wednesday, looked at the 3523 private rentals available on March 15 and 16 and found the median rental cost was up 5 per cent from last year to $680 per week. Of these houses, there were none affordable for people living with government income support – including single rooms. There were four affordable listings for a couple with two children with income support, but only one for single parents. West Australians on aged pensions only had seven properties in their price range. For single West Australians on the minimum wage, there were only 14 affordable rentals and 42 that were affordable for a single parent with two children. Anglicare considers a property 'affordable' if it requires less than 30 per cent of a household income. Paying more than that is considered as being in household stress, and spending more than 50 per cent of a household's income on housing is considered severe housing stress. The snapshot found the lower-priced rentals were mostly for single rooms in share houses, but even those were pricey, ranging from $200 to $450 per week.
Yahoo
16-04-2025
- Politics
- Yahoo
Mayor LaToya Cantrell to attend African American Mayors Association conference in DC
NEW ORLEANS (WGNO) — For the third time this year, New Orleans Mayor LaToya Cantrell is headed to Washington DC. From April 16 to April 18, Cantrell will attend the African American Mayor's Association (AAMA) Conference. Pelicans name Joe Dumars Executive Vice President of Basketball Operations City officials say the conference is a national gathering of United States mayors and civic leaders committed to addressing health disparities and promoting equity in communities across the country. The annual conference is said to provide a critical platform for mayors to share best practices, influence national policy and strengthen initiatives at the local level. The focus of the 2025 conference will be the nutrition access, affordability and the education grant program which is an AAMA and American Black Families for Healthy Access (ABFHA) strategic initiative. The initiative will support community efforts to expand access to affordable, nutritious food and provide comprehensive nutrition education which are 'key pillars in reducing health disparities and empowering families to make informed dietary choices.' Chris Brown adds New Orleans to 'Breezy Bowl XX' tour City officials say while in DC, Cantrell will participate in panels and discussions focused on urban public health, food justice, and long-term community well-being. She has also been named as a grant recipient, securing $125,000 for the city through the Nutrition Access, Affordability, and Education Grant, making New Orleans one of two midsize cities selected for the senator seeks return of wrongly deported man Syphilis cases drop statewide but rise in Baton Rouge, LDH says Is Zoom down? Thousands report issues accessing software Mayor LaToya Cantrell to attend African American Mayors Association conference in DC Van Hollen denied meeting, phone call with Abrego Garcia during El Salvador visit Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
