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Democracy

Urban planner shares a simple and proven way to cut rents in half

“Housing is ultimately for people, not profits.”

Why is one building so much cheaper?

Over the past few years, one of the most significant contributors to the increase in the cost of living in the U.S. has been skyrocketing rent and housing prices. A big reason for the rise is the lack of housing supply. Estimates show that Americans need to build around 6 million more housing units for supply to meet demand.

If we are going to build more housing units, About Here’s founder urban planner Uytae Lee, suggests that the U.S. and Canada focus on building more non-market co-op units.

He lays out his theory in a video entitled “The Non-Market Solution to the Housing Crisis.”

To illustrate his point, he highlights two apartment buildings side by side in the up-and-coming Olympic Village neighborhood in Vancouver, Canada. In one building, the average rent for a 2 bedroom is $4,500. However, in the building across the street, a 2-bedroom unit only costs $1900 a month.

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