Rising rents bad for economy?
EconoMeter panel considers the impact
Q: Are rising rents in San Diego County bad for our economy?
Bob’s Answer: No.
Rents as a percentage of income are lower in San Diego than in other areas of California and rising rents are being outpaced by higher wage growth by a wide margin.
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The economy will only become impacted if rental rate increases outpace the level of wage increases.
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Given the recently passed statewide minimum wage increase of over 8 percent annually over the next 6 years, that will not happen!
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