Age and Housing
The NY rent board just voted to raise the rent of those living in rent-stabilized housing.
Can you imagine being 80 years old, living on social security, and not having enough to eat? On the other hand, can you imagine being the landlord of a building costing you more to run than in rent, which is why you don’t upgrade the apartments? Both sides of the story are not good.
There is a disconnect between people’s cash flow and the cost of things for many, too many. Why are prices going up? Is it because companies have to make the stockholders happy? Insurance is up by 20% across the board. Why? Everything is more costly, and it is creating a more significant divide. That divide started with the de-regulation of banks in the 80s, getting rid of depression-era rules and regulations. Thank you, President Reagan, for that and the consumer spending path you sent us.
Regardless of the past, we are now in the future, and the cost of living in any urban location is getting out of control, forcing out an entire workforce and age group. What will happen to these residents when they can’t survive and live another 20 years? Is NYC should be thinking about this? Is our Federal Government thinking about this? We should build better public housing, not ignore the capital needed to upgrade the buildings.
What will happen if urban areas are too expensive for a large swath of the workforce? Why isn’t there high-speed transportation to grow the surrounding areas?
I have been thinking about this as I listen to people talk about the rise in rents, insurance, and the cost of living, particularly those thinking about retirement and realizing that they might be without income for twenty-plus years.