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According to the National Bureau of Economic Research, the number of rental units was reduced by 15% and tenants were 8-9% less likely to move due to rent control. [55] Tenants paid 40% below market rates on their units, and the value of properties was diminished by 45%. [55]
The risks to the broader economy created by the housing market downturn and subsequent financial market crisis were primary factors in several decisions by central banks around the world to cut interest rates and governments to implement economic stimulus packages. Effects on global stock markets due to the crisis were dramatic.
Guren and McQuade (2020) argue that widespread foreclosures can interact with the housing market to amplify declines in asset prices, leading to prices below levels determined by fundamentals: "When the housing market is hit by a shock that lowers housing demand and induces some foreclosures — for example a drop in employment . . . the ...
A continued decline in rents wouldn't just be welcomed by the people paying them. It's also good news for the Federal Reserve, which has been raising interest rates to slow price increases.
An estimated 8.8 million Americans are behind on their rent, according the Consumer Financial Protection Bureau. While relief efforts have staved off some of the housing crisis, rent is still ...
The term rent, in the narrow sense of economic rent, was coined by the British 19th-century economist David Ricardo, [4] but rent-seeking only became the subject of durable interest among economists and political scientists more than a century later after the publication of two influential papers on the topic by Gordon Tullock in 1967, [5] and ...
The decision to rent or buy might be primarily financial, but your lifestyle and future plans or goals should also be a factor. Renting offers more flexibility and less upfront costs, but it does ...
In research, there is an established connection between the supply of housing and the price of housing; housing tends to be more expensive when there is a shortage of housing (when the supply does not meet demand). [42] [43] [44] In some countries, the market has been unable to meet the growing demand to supply housing stock at affordable ...