Soaring rents and falling wages
As the tech boom has driven rents sky-high, renting families and seniors in San Jose have actually seen their incomes go down.
That’s one of the key findings from “Soaring Rents, Falling Wages,” our new research brief we released today at City Hall.
We revealed that the gap between wages and what it takes to afford an apartment has grown 3 times since 2009. And while tenants are stretched to the breaking point, big landlords and absentee corporations are making millions off our housing crisis.
Next month, the San Jose City Council will vote on whether to limit unaffordable rent hikes in rent-controlled units, or impose even more costs on tenants.
The landlords are pressing the City to let them keep increasing rents — and start charging tenants for essential repairs. We need to show the Council that our community expects them to stand with renting families.