Latest news with #OutofReach
Time of India
2 days ago
- Business
- Time of India
This California city tops list of most expensive US rental markets for third year in a row; renters need 4 jobs to afford a home; here's why
Santa Cruz in California remains the most expensive rental market in the United States for the third year in a row. This city requires a person to have an overwhelming income of more than $168,000 just to rent a two-bedroom, according to Fox Business. The National Low-Income Housing Coalition's 2025 Out of Reach report suggests that in the Santa Cruz area, located on the Central Coast about 75 miles south of San Francisco, the hourly pay needed to afford a modest two-bedroom has risen from $63.33 in 2023 to $81.21 in 2025. This is almost 30% higher than it was in 2023, when they first reached the top of the list. The data shown in the report signifies that a person planning to rent a house must now earn $168,920 a year, or $4,223 a month, to afford a two-bedroom at fair market rent in the metro area. According to Fox Business, California has a minimum wage of $16.50; that's the equivalent of working 4.9 full-time jobs. Explore courses from Top Institutes in Select a Course Category Digital Marketing Degree Cybersecurity Public Policy Artificial Intelligence Management MCA Data Science Technology PGDM Data Analytics Data Science Design Thinking others Finance Operations Management Leadership Healthcare MBA Project Management healthcare Product Management Others CXO Skills you'll gain: Digital Marketing Strategy Search Engine Optimization (SEO) & Content Marketing Social Media Marketing & Advertising Data Analytics & Measurement Duration: 24 Weeks Indian School of Business Professional Certificate Programme in Digital Marketing Starts on Jun 26, 2024 Get Details Skills you'll gain: Digital Marketing Strategies Customer Journey Mapping Paid Advertising Campaign Management Emerging Technologies in Digital Marketing Duration: 12 Weeks Indian School of Business Digital Marketing and Analytics Starts on May 14, 2024 Get Details Average renter earns $22.13 an hour in California by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Eine zielgerichtete Strategie für Ihre finanzielle Zukunft eToro Click Here Undo The new report says most renters can't afford it. In Santa Cruz County, the average renter makes $22.13 per hour. To pay for an apartment, they'd need to work about 3.7 full-time jobs. "This is a No. 1 we don't want to be," said Elaine Johnson, executive director of Housing Santa Cruz County, to the Santa Cruz Sentinel. "This is an all-hands-on-deck kind of time for everyone involved." The Out of Reach report also reveals that California dominates affordability rankings. The Golden State has eight of the ten most expensive metro areas, including San Jose, San Francisco, Salinas, and Santa Barbara. Statewide, the average housing wage for a two-bedroom apartment is nearly $50 per hour, which is the highest of any U.S. state. Live Events Considering the current minimum wage, a full-time California worker would need to work 120 hours a week to afford the average two-bedroom apartment. "Nowhere in the United States—no state, metropolitan area, or county—can a full-time minimum-wage worker afford a modest two-bedroom rental home," according to the report. Regulations and supply shortages make California housing market expensive The Out of Reach report says that the problem is a severe and persistent supply shortage, estimating a national gap of 7.1 million affordable rental homes for extremely low-income or 'ELI' households. According to critics, California's housing market is also hindered by overlapping layers of regulation. "CEQA[California Environmental Quality Act] and restrictive zoning regulations are key contributors to California's housing shortage," said Dr. Wayne Winegarden, senior fellow at the Pacific Research Institute. "Prevailing wage mandates coupled with expensive environmental mandates... further inflate housing costs." Santa Cruz County Republican Party Chair Mike Lelieur told FOX Business the affordability crisis is a direct result of decades of progressive policy. "The local planning department has made it so outrageously expensive to build that it's just not profitable unless you're backed by a big corporate developer," Lelieur said. "Then you add CEQA, coastal commission reviews, endless permit delays, and greenbelt restrictions. It's a bureaucratic blockade by design." He also criticized the University of California, Santa Cruz, for expanding its student population faster than it builds housing. "UCSC keeps expanding, but they're not building dorms fast enough. So students flood the local market and landlords jack up rents — because mom and dad are paying the bill," he said. "This is a housing crisis created by policy," Lelieur said. "And unless we change course, it's only going to get worse."
CBS News
19-02-2025
- Business
- CBS News
Proposed legislation aims to add more protections for tenants in Maryland
New legislation in Maryland would establish stricter requirements for landlords handling tenant evictions and property, requiring two weeks' notice before executing eviction orders and giving tenants 10 days to reclaim possessions. House Bill 767, titled the "Tenant Possessions Recovery Act," would require landlords to notify tenants by first-class mail and post notices on front doors before executing warrants of restitution. Landlords would be prohibited from charging storage fees during the 10-day recovery period. The bill, which would take effect October 1, 2025, also addresses weather-related delays, halting evictions during extreme conditions such as freezing temperatures or hurricanes. After the 10 days, landlords can sell, donate, or discard abandoned property but must return proceeds exceeding back rent and move-out costs. Landlords who violate these procedures could face penalties including actual damages, attorney fees, and court costs. The legislation allows local governments to enact stricter protections. The measure aims to protect tenant rights while preventing abandoned belongings from becoming public nuisances, ensuring more humane eviction processes. The bill takes significance, with Maryland having high rent costs. A report by "Out of Reach" released last year placed Maryland as one of the most difficult states to live in for renters seeking affordable housing. In July 2024 a Howard County resident told WJZ she was facing displacement due to staggering rent hikes. Protections for renters in Maryland Two existing protections for renters took effect in October 2024. The Tenant Safety Act requires that any landlord offering a home for rent deems the property fit for human living. It also allows tenants from the same building to join together in filing complaints over similar issues. Under the legislation, renters can also claim compensation when landlords fail to make necessary repairs. Another law allocated $10 million in eviction prevention funds for families with children attending community schools.
