Part 8/10:
The outlook paints a grim picture: with fewer permits, higher costs, and policy barriers, the supply of affordable and rental housing will continue to decline. Consequently, rental prices are expected to surge, further widening the gap between income levels and housing costs.
If current trends persist, Seattle and similar West Coast cities might approach or even surpass California's notorious housing affordability challenges. Policies aimed at protecting tenants without considering the supply side are exacerbating the crisis, effectively creating a situation where neither side benefits.