The New York Times editorial board writes today about the national crisis for renters and calls on Fannie Mae and Freddie Mac to pay into the National Housing Trust Fund to stimulate more affordable housing construction.
The crisis in affordable housing was underscored in an alarming study released this month by the Joint Center for Housing Studies at Harvard. The study found that, from 2000 to 2012, renters were caught in a relentless squeeze, with falling wages on one side and rising rents on the other. Median gross rents went up by 6 percent, while the median renter’s income declined by 13 percent.
Nearly half of all renters earn less than $30,000 a year. According to the report, about half of them now pay more than a third of their incomes on rent — up 12 percentage points from a decade ago. A quarter of renters pay more than 50 percent of their incomes in rent, which places them at clear risk of homelessness. Read more here.