WashPost Ignores Migration, but Blames Investors for Record Rents

Rents are rising because real estate companies are trying to please investors, says a Washington Post report that ignores the economic impact of President Joe Biden’s open borders policy.

The January 2 article focused on rising rents at apartments owned by Starwood Capital Group:

At Starwood’s Estates at Wellington Green in Palm Beach County, Fla., the company raised some rents by as much as 52 percent in 2022; at the Griffin Apartments in Scottsdale, Ariz., it increased them by 35 percent over the same period. At the Cove at Boynton Beach in Florida, it boosted rents on some units by as much as 93 percent in 2022.

Edgar Enrique, a pool cleaner from Guatemala who shares with his wife a one-bedroom at Starwood’s Reserve at Ashley Lake, said his rent jumped from $1,600 to $2,000. “For me, it’s not good,” Enrique said. “Why does it cost $400 more now?”

The rents are rising fast because investment executives are pushing to maximize their companies’ profits, the Post reported:

Some families said they were forced into difficult downsizings: Couples with children moved from two-bedroom to one-bedroom apartments even though, as one father said, “we’re tripping over each other.” Another family with three children had a two-bedroom at the Reserve at Ashley Lake. A few months ago, they got a notice that the rent would be rising from $1,600 to $2,000 per month, they said. They moved in with a family member. “We’re trying to save to get out of the cycle,” said the father, an immigrant from Haiti who sells life insurance.

The article downplayed the impact of Biden’s border policy and instead sought to focus all the blame on real-estate companies.

Since January 2021, Biden’s migration has added at least 4 million southern migrants to the United States population, not counting at least two million legal immigrants and visa workers. Assuming six people per apartment, that’s an extra demand for roughly 700,000 apartments in two years when only 800,000 new apartments were completed

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