San Diego’s City Council passed an ordinance, 8-1, prohibiting landlords from using private data-driven algorithms to determine rental prices. This measure, targeting companies like RealPage, aims to prevent potentially anti-competitive practices currently under legal challenge. The ordinance, while excluding algorithms using public data, intends to protect tenants from unfair rent increases and is enforceable through tenant lawsuits. However, opponents argue the ordinance is overly broad and could hinder the development of new housing.
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In a move mirroring the Opposition’s stance, the Federal Labor government will temporarily ban foreign investment in established Australian homes for two years, commencing April 1, 2024. This moratorium, exempting developments of 20 or more properties, aims to address concerns about housing affordability for Australians. The ban follows a year where foreign investors purchased 5360 residential properties totaling $4.9 billion. The government asserts this policy prioritizes homeownership for young Australians, despite the relatively small scale of foreign investment in established housing.
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To address Spain’s housing crisis, the government proposes a new tax of up to 100% on properties purchased by non-EU residents, aiming to prioritize housing for Spanish citizens. This unprecedented measure, modeled after similar policies in Denmark and Canada, targets the significant number of properties acquired by non-EU buyers for investment purposes. The plan, part of a broader housing affordability initiative, also includes tax breaks for affordable housing providers, public housing expansion, and stricter regulations on short-term rentals. Further details regarding implementation and parliamentary approval remain pending.
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While Donald Trump’s return to the White House has been met with anticipation by some, it’s unlikely to bring much relief to Americans struggling with the affordability crisis in the housing market. His policies, including increased tariffs and immigration restrictions, could lead to higher construction costs and potentially reduce the supply of homes. Conversely, efforts to loosen regulations and incentivize homebuilding could have positive effects on the market. However, the overall impact on housing affordability remains uncertain and depends on how Trump prioritizes these competing policies during his second term.
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California’s population grew in 2023, halting 3 years of decline. This news might come as a surprise to many, especially considering the ongoing narratives about people fleeing the state in droves. But the data tells a different story. While more people did leave California in 2023 than moved here from other states, the numbers were significantly lower than in previous years. It seems that the exodus that some have been touting may not be as significant as they claim.
One of the factors that contributed to the population growth in California was the rebound in legal international immigration. For decades, this has been the state’s growth engine, and in 2023, there was a net gain of 114,200 people from international immigration.… Continue reading
The issue of rent gouging by landlords and the soaring housing costs across the country are critical problems that are impacting working-class individuals and families. The current housing crisis, coupled with the exorbitant rent prices, is a pressing concern that needs to be addressed urgently. It is heartening to see President Biden taking steps to target corporate landlords who engage in rent gouging practices.
The use of computer-assisted rent pricing tools like RealPage has perpetuated a de-facto collusion among landlords to keep rental prices artificially high, creating an artificial scarcity model that benefits only the landlords at the expense of tenants.… Continue reading
Mortgage rates have jumped back over 7% as stronger economic data rolls in. This news comes as a surprise to many who were hopeful that the rates would continue their downward trend. The previous decrease in rates was largely speculative, with hopes that the Federal Reserve would cut the funds rate in March. However, with strong job data and the Fed suggesting the need for more patience, it makes sense that the rates have gone back up.
As someone who is currently in the market for a house, these rising rates are disheartening. The dream of homeownership is slowly slipping away as the interest rates become more and more unfavorable.… Continue reading
The record number of Americans who are homeless amid a nationwide surge in rent is a deeply concerning issue that I feel strongly about. As someone who works in homeless services, I have seen firsthand the devastating impact that skyrocketing rent prices can have on individuals and families. It is disheartening to witness the increasing number of people who are unable to afford a safe and stable place to live.
I am not surprised by the statistics that show a significant increase in homelessness, as I have seen this trend first-hand in my community. The rising cost of rent is simply not proportional to the increase in income, especially for those working in the service industry.… Continue reading
John Q. Hosedrinker