What had been a growing problem of rent increases of 10-15% each year has resulted in a crisis in the LA area. You say you knew that. You hear anecdotally of families doubling up, and kids moving back in with parents, People are moving further and further away. Rent may be taking upwards of 50% of pay checks.
And if you rent, guess what?
Landlords are hoping their tenants move out so they can raise the rents another 25%. And, there are a line of potential tenants ready to pay that new rent.
Millennials say they never plan to own a house. Is that because they grew up during the Great Recession, saw many families lose their homes and heard their parents complain about the cost of housing?
if no one is going to own, they will be more willing to move for another opportunity. If no one owns, they will not be as committed to the community. It tears at our social structure.
Take a few minutes this week to explore how this is affecting your organization. You don’t have to rescue anyone, you need to be aware of the situation, and how it may be affecting your team. Be creative.
Illustration courtesy of Economy Watch – Follow The Money