this post was submitted on 04 Nov 2023
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They can bail them out, but it won't work. The 2008 financial crisis is directly related to this one.
The difference? People might have jobs, but inflation (real inflation, not Fed reported inflation) is outpacing wage growth so much it's creating homeless employed people.
In my city, new development on the outer skirts of town is building around the new schools - 350k homes, 300k town homes, $1600/month 2 room apartment rental complexes. No stores in walking distance, so you need a car.
it's stupid. it's unsustainable. at some point it will be so bad that people will just sit where they live because they know there will be too many other people unable to pay mortgage or rent.
The working homeless is not a class of people I ever really considered to be possible or exist until now. Sure, some people were in varying states of poor or missing housing sometimes especially when transitioning into a working role before now.... That isn't ideal, but it happened.
But this isn't that. This is working full time and being unable to have housing. Where its not transient, or temporary, it's that you're homeless and you have a job, but simply cannot afford to live in a home.
Crazy thought.