'Tenants need immediate action from the White House to regulate rent and provide more certainty for millions of people struggling to make ends meet,' asserts pplsaction's taraghuveer following the latest Fed interest rate hike.
"While private rental data on leases may show prices have fallen in recent months, rents are still well above pre-pandemic levels," the People's Action report continues."The national median rent for a one bedroom is now 21.4% higher than it was just prior to the pandemic in February of 2020, meaning the median renter is paying $205 more per month.
People's Action Homes Guarantee campaign director Tara Raghuveer said in a statement that"millions of Americans still cannot afford their largest bill every month: the rent. Tenants need immediate action from the White House to regulate rent and provide more certainty for millions of people struggling to make ends meet."
Mike Mitchell, director of policy and research at the Groundwork Collaborative, asserted that"if the Fed triggers a recession, the consequences will be brutal for workers and families already struggling to stay afloat." "And even with seven consecutive rate hikes," he added,"there is nothing the Fed can do to stop powerful corporate landlords from squeezing as much money as they can out of tenants."
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