Dr. Chris Herbert, Managing Director of the(Courtesy of the
Though Perez cites these reasons as those behind the shortage of single family housing stock, one might surmise that these could have an effect on multifamily housing construction too. Regardless, Perez does say that this shortage itself puts more pressure on the multifamily housing market. She quotes Steve Bancroft, of Trammel Crow Residential, who says, “By most accounts, this is the best multifamily market that Dallas-Fort Worth has ever seen.” Perez fails to mention that, of course, the word “best”, used here and in the title of the article, is from the developers’ point of view. This situation is not exactly the “best” for those in the market for a rental unit, especially if they are struggling. And so unsurprisingly, Perez admits that, “Ongoing (rent) increases likely will compel renters to begin considering other options,” even, she says, “doubling with a roommate.”
Speaking with The Washington Post’s Emily Badger, two of the above Harvard study’s authors are ready to sound the alarm, even if D CEO is not. The effect, they say, will cascade from renters to others they interact with. “Money pooled in the hands of landlords, doesn't circulate through the economy with the same impact as money spent at local retailers and grocery stores,” one says, while the other, “suggests there may be serious health costs associated with a population that has to sacrifice health spending to pay the rent.” And so, Badger ends her piece with an ominous warning from one of the scholars, “In certain places, we’re probably getting close to the breaking point for a lot of folks, and I don’t know how that plays out."
(Courtesy of WFAA)
* I reached out to Burke, for an update on how many additional veterans have been housed in the four weeks since September 30, 2015, the date of the WFAA story, but have yet to hear back. I will update on the blog, when I do hear back.