Is Fair Housing the American Dream?
April is National Fair Housing Month
For many, part of the American dream is to own the home they live in. That possibility though has been shrinking year after year for Millennials and now Gen-Zers.
Recently, 60 Minutes highlighted a growing problem in the dream for home ownership — corporate landlords. Oftentimes, before a couple can even look at a potential home, Wall Street investors have already put in a cash offer. Most would-be homeowners lack the liquid assets to compete and are forced into renting.
The housing bubble in 2007, along with the Great Recession that followed, created an ongoing crisis that has not only stalled the production of new housing, which has significantly increased housing prices but also created an economic hurdle that has put many young adults at a disadvantage. Add to this, a supply that can’t keep up with the ever-increasing demand, a new problem is created–significant rent increases.
Reporter Lesley Stahl interviewed a couple in the aforementioned program, who shared that in the last year, they saw a 30% increase in their rent. This has resulted in significant personal cutbacks for them, including their groceries.
We believe that affordable housing should be available for all people in all income brackets. The cost of housing should not have to take up the better part of one’s income, much less, hamper their ability to cover other needs such as utilities, clothing, and food.