Higher rents merely squeeze Americans further given that Census data shows that household incomes have fallen once again. At a presentation a few months ago some private equity investors were buying up apartments in Southern California built in the 1970s, making them more modern and pushing up rents by 7 to 10 percent. Thanks to the Fed, a larger crowding out is occurring and rents are simply another push on the inflation front since OER is the biggest component of the CPI.

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