Re:The poor are better off when we build more housing for th...
by nostrademons on Friday February 12, 2016 @09:46PM
(#11092200)
Sunnyvale & Mountain View are interesting cases because nearby employers have experienced hyper-growth and we haven't had a recession any time in the last 4 years.
Rents absolutely did go down in 2009, oftentimes way down, with apartments that rented for $2000+/month in mid-2008 going for $1400/month by mid-2009. There's no incentive to drop rents as long as everybody is making more money and the apartments aren't lying vacant. There's a pretty strong incentive when people start getting laid off and moving back in with parents or roommates, and places aren't renting at any price.
Rents absolutely did go down in 2009, oftentimes way down, with apartments that rented for $2000+/month in mid-2008 going for $1400/month by mid-2009. There's no incentive to drop rents as long as everybody is making more money and the apartments aren't lying vacant. There's a pretty strong incentive when people start getting laid off and moving back in with parents or roommates, and places aren't renting at any price.