Los Angeles will raise its minimum wage incrementally to $15 an hour by 2020. But with an inadequate supply of new housing, will this new spending power simply enable landlords to charge more? Some economists say yes.
Although low-income renters in Los Anegeles were no doubt heartened by news of a forthcoming $15 minimum wage, economists offer words of warning. Rosalie Ray, a UCLA researcher who claimed Los Anegles is the nation's most unaffordable rental market, stands by those grim tidings. Her basic thesis: higher buying power without an increase in supply will push up prices.
From the article: "That means around 700,000 minimum wage workers will have more money to compete for the same low inventory of rental units. [...] L.A.'s Department of Building and Safety is projecting a 29 percent increase in new units this fiscal year over last, with 12,000 units permitted. Still, that isn't enough to keep up with the city's population growth [...]."
Chris Thornberg, Beacon Economics co-founder, agreed: "What we need is housing — period. Whether we build it to be affordable or not, ultimately it's about adding to the supply."
FULL STORY: Minimum wage hike could increase LA rents, economists say
Will New York’s Strict Short-Term Rental Rules Work?
Some owners are reluctant to put short-term rental units back on the long-term rental market, but the number of permitted units has dropped dramatically.
Rent Costs Rising Faster in Suburbs Than Urban Cores
In a majority of U.S. metro areas, suburban rent hikes are outpacing urban rent increases.
Waiving Development Fees to Spur Apartment Construction
One way to increase housing supply is to make it cheaper to building multi-family housing, like Toronto recently decided to do.
Analysis: Cybertruck Fatality Rate Far Exceeds That of Ford Pinto
The Tesla Cybertruck was recalled seven times last year.
National Parks Layoffs Will Cause Communities to Lose Billions
Thousands of essential park workers were laid off this week, just before the busy spring break season.
Retro-silient?: America’s First “Eco-burb,” The Woodlands Turns 50
A master-planned community north of Houston offers lessons on green infrastructure and resilient design, but falls short of its founder’s lofty affordability and walkability goals.
Test News Post 1
This is a summary
Analysis: Cybertruck Fatality Rate Far Exceeds That of Ford Pinto
The Tesla Cybertruck was recalled seven times last year.
Test News Headline 46
Test for the image on the front page.
Urban Design for Planners 1: Software Tools
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.
Planning for Universal Design
Learn the tools for implementing Universal Design in planning regulations.
EMC Planning Group, Inc.
Planetizen
Planetizen
Mpact (formerly Rail~Volution)
Great Falls Development Authority, Inc.
HUDs Office of Policy Development and Research
NYU Wagner Graduate School of Public Service