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News & Views of Phillips Since 1976
Tuesday March 5th 2024

Frank Reflections – Rental housing supply and demand: gratitude or greed?

by Frank Erickson

More than 42,000 renter households in Minneapolis, even though employed full-time, pay more for housing than they can afford.

Without these 42,000 rental households, there wouldn”'t be the high demand for rental housing; there would be supply glut. Are there 42,000 potential renters on waiting lists who can afford the units with high rents? 

How can tens of thousands of renters who cannot afford their rents, be the foundation for raising all rents? These 42,000 households, who cannot afford their rent, are the core of “supply and demand.”Â  The landlords have nothing without renters.

Capitalism is wicked. Renters have no choice. Renters have to pay their rents. Ironically, they drive up their rent by paying rents they cannot afford.

All “supply and demand” sees is rent paid. It doesn”'t see nor does it care if the renter went without food to pay the rent. All capitalism needs to justify raising rent is that rents are paid. That is inhumane!

Without these 42,000 renter households in Minneapolis the “market” would crash! Landlords need to focus more on gratitude and less on greed!

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