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Title: How Do Shortages Lead to Dislodgement and Disappearing Renters?
Citation Type: Miscellaneous
Publication Year: 2019
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Abstract: The national crisis of housing shortage is a worsening legacy of the Great Recession, and its worst case may be Los Angeles. As the number of homeowners plummeted after 2007, the number of renters increased, which elevated rental competition and drove up rents. In the same time period, by coincidence, the large Millennial generation reached their middle 20s, moving them into the stage of life when household formation is typical, concentrated in the rental sector. However, at the same time the financial crisis that triggered the Great Recession also disrupted housing construction, thereby preventing supply from rising to meet this growing demand. Political resistance to new construction was a further complication aggravating the imbalance between supply and demand. A diagram to summarize these interacting elements that spawned the housing crisis is shown in Exhibit 1.
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Authors: Myers, Dowell; Park, JungHo
Publisher: University of Southern California
Data Collections: IPUMS USA
Topics: Housing and Segregation
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