>Since 2001 incomes have increased 4%, while rents have increased 19%.
Horrible, but despite those increases, there are not rental units going unoccupied in any large number. Cutting prices will not house more people, if all the rentals are already full.
What is supposed to happen is that as rental prices go up, supply is increased to capitalize on it. But that's not happening, in most areas, for various reasons.
The core problem is the curve of population growth versus the curve of housing units. Prices are an consequence of that, not the cause.
Horrible, but despite those increases, there are not rental units going unoccupied in any large number. Cutting prices will not house more people, if all the rentals are already full.
What is supposed to happen is that as rental prices go up, supply is increased to capitalize on it. But that's not happening, in most areas, for various reasons.
The core problem is the curve of population growth versus the curve of housing units. Prices are an consequence of that, not the cause.