The COVID-19 crisis is ravaging nearly every aspect of the economy, very much including the housing sector. Data tracked by the National Multifamily Housing Council found that nearly one-third of residential tenants didn’t pay rent in April. Even before the pandemic, says James Brasuell, managing editor at Planetizen, Americans “were straining to cover the high cost of housing…creating a pressure point in the economy that was, according to reports, booming.”
[Pre-existing] trends were stressing the housing markets and the millions of renters in the country before stay-at-home orders gutted the employment market. On April 1, with millions of Americans suddenly unemployed, and a public health crisis weeks, or potentially months, away from its expected peak, U.S. renters owed a collective $22 billion for rent, according to analysis by CoStar.
During the crisis, many tenants have lost income or lost their jobs outright. While some cities and states have allowed tenants to defer rent payments, those tenants face the prospect of having to make up missed payments before the economy is back on its feet.
Brausell’s recent article “Rent Crisis Deferred” is the subject of this week’s episode of Upzoned. Host Abby Kinney, a planner at Gould Evans in Kansas City, and Chuck Marohn, founder and president of Strong Towns, discuss how the housing market is responding to massive non-payment, and it is rippling throughout the rest of the economy. They explore why much-lauded “market responsiveness” is not always a happy thing, the historical roots of our volatile housing system, and what happens when a volatile system seeks equilibrium. They also discuss a few ideas (like a debt jubilee) that have been floated to respond to the crisis.
Then in the Downzoned, Abby and Chuck take a break from recommending media and offer their “Quarantine Chronicles,” including family walks, bike rides, and the experience of cutting one’s own hair.
Additional Shownotes”Rent Crisis Deferred,” by James Brasuell
James Brasuell (Twitter)
Abby Kinney (Twitter)
Charles Marohn (Twitter)
Gould Evans Studio for City Design
Theme Music by Kemet the Phantom (Soundcloud)
Select Strong Towns Articles about Housing
Two Simple Rules For Healthy Neighborhood Change, by Daniel Herriges
Skinning Your Knee vs. Breaking Your Leg, by Johnny Sanphillippo
Why Housing Is “The Wickedest of Wicked Problems” (Podcast)
Jenny Schuetz: Who's To Blame for High Housing Costs? (Podcast)
Stuck: Why Rent and Mortgage-Burdened Americans Don’t Always Move to Cheaper Pastures, by Kea Wilson
More “Landlords on the Street,” by Gracen Johnson
17 Head-scratcher Housing Terms, Defined, by Rachel Quednau
COVID-19 and the Boom in Multigenerational Housing
Winds of Change in Kansas City
Local and Diverse > Networked and Global
Has the West Made a “Cult” of Home Ownership?
This $15 Trillion Market Is On the Verge of Collapse
Bonus Episode: The Bottom-Up Revolution
"We Can't Micromanage Great Urban Design Into Existence."
Winter Is Coming: Will Restaurants (and Customers) Adapt to Help Businesses Survive?
Why Cities Shouldn’t Wait for the Feds to Do Something about Reparations
Fragile Policies are Making California More Vulnerable to Megafires
For City Planners, Community Consensus Shouldn't Be the Standard
For U.S. Transit, "Death Spiral" Shouldn't Have Been an Option in the First Place
Can the Right and Left Come Together on Zoning Reform?
Pandemic Fallout: Will New York City Experience Long-term Decline?
"This Makes No Sense": An Ill-Fated Comprehensive Plan in Texas (and Why It Matters Where You Live)
Finding a Room to Rent in Boulder Won't Get Easier Anytime Soon
Help Shape the Future of the Strong Towns Podcasts
How Do You Solve a Problem Like Housing Prices?
Down to Earth: Time to Re-examine the Hype around Skyscrapers
A Better Use of Federal Infrastructure Spending
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