Even with lots of house building, the market rate will not get low enough to make it economical to house most of these people.
Given the unmet demand for density right now, it will take a lot of building in a lot of metros for there to be a significant decrease in rents in urban centers. Even with really a ton of building in SF, we are talking 25% reduction in rent when these people would have trouble even with a 50% reduction in market rents.
Massachusetts has recognized this problem, which is why most new vouchers are in Fall River, MA rather than Boston - it is much cheaper to house.
I didn’t know that about Fall River, thanks. And you’re right, we are in such a hole that even a 50% reduction won’t help many, and thus any vouchers will need to be generous to house people in high opportunity metros like Boston and SF. Still, it’s these high opportunity areas with their good jobs that can do the most to give people a better shot at life. Places like Fall River may have cheap rent, but there are few well-paying jobs nearby.
Given the unmet demand for density right now, it will take a lot of building in a lot of metros for there to be a significant decrease in rents in urban centers. Even with really a ton of building in SF, we are talking 25% reduction in rent when these people would have trouble even with a 50% reduction in market rents.
Massachusetts has recognized this problem, which is why most new vouchers are in Fall River, MA rather than Boston - it is much cheaper to house.