A good NYT article reports that middle-class, and not to mention lower-class, renters are being squeezed out of the market because of rising rent costs. Like the heading to the graph in the piece reads: “The United States is experiencing a rent affordability crisis.”
And what is really interesting about this phenomenon that is even affecting the rich, the article states: “For many middle- and lower-income people, high rents choke spending on other goods and services, impeding the economic recovery.”
This would even include a dent in Wall St. earnings.
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