Hold onto your hats, ladies and gentlemen, this one’s an absolute stunner! Freddie Mac, the quasi-government financial agency which helped to lurch America into the 2008 Housing meltdown then got bailout $billions$ as a reward, has turned its attention to rent controlled apartments.
This is going to take your breath away. Better sit down for it.
It seems that Freddie Mac has compared apartments that are rent restricted, and those that are not, and discovered that over the last five years, people in rent restricted apartments have saved lots of money compared to people in market price apartments.
Who knew? Who would even have begun to guess!
Bang goes the theory that rent restricted apartments are wildly overpriced, while market rate apartments are so two-a-penny that most low income families can actually afford one in town for work, and one at the beach for weekends.
Thank goodness Freddie Mac got those $billions$! Otherwise it might not be around to share these sparkling gems of financial analysis that help us all sleep nights, knowing that Freddy Mac and and its amazing team of researchers will be all over the next housing meltdown before it even happens. Or anyway, certainly while its happening. Okay, at the very least, shortly after it happens. (Unless of course, 5 year comparative analysis is the sharpest tool in the kitchen, in which case we may be forced to tap our fingers for a while.)
One way or another, though, you can be sure Freddie Mac’s $billions$ won’t be caught out this time when an enormous glut of rent restricted apartments blows the bottom out of market rate homes!
Read more in MultiFamilyBiz: New Freddie Mac Analysis Highlights Benefits of Rent Restricted Apartments for Renters