California Landlords SLASH RENT Amid MASSIVE Population Exodus

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California’s rental market is experiencing a significant downturn as population decline forces landlords to reduce rents. With a fair market rent for a two-bedroom apartment set at $2,028, households must earn $81,000 annually to avoid spending over 30% of their income on housing. This translates to an hourly wage of $39, second only to Hawaii’s $40. As residents flee high-cost, poorly managed cities like San Francisco and Oakland, rents have dropped by up to 9%. Factors like stringent lockdowns, high taxes, and poor governance are driving this exodus. In contrast, cities like Syracuse and Columbus are witnessing rent surges due to limited housing supply. California’s ongoing struggles with job recovery, homelessness, and high living costs underscore the need for policy shifts to retain its population.

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00:00 – California rent drops
02:02 – High cost burden
04:11 – Population exodus stats
06:11 – Housing supply issues
07:06 – Nationwide rent increase
11:11 – Seattle’s tight market
12:18 – Big city exodus
14:46 – Job loss impact
17:00 – Net out migration
19:55 – Demand drives prices

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