Cardi B gets it!
Interest rate is going up in two weeks ,rent is over the top high ,and there’s no inventory on homes …WTF-_-
— Cardi B (@iamcardib) September 16, 2022
To be clear, the US interest rate is going up next week, not two weeks from now. Besides that we don’t have too much to add, frankly.
We learned this week that rents on primary residences climbed 0.8 per cent from July to August (0.7 per cent with seasonal adjustments).
It’s not clear what rising interest rates will do to help that!
Or, as Belcalis Marlenis Almánzar Cephus put it in an Instagram Live video last week: “There’s not even inventory!”
Mortgage rates did rise above 6 per cent for the first time since 2008 this week, so maybe some Airbnb hustlers will have a tougher time paying financing costs for investment properties in cities.
Still, there isn’t much sign the US housing shortage will ease up any time soon, as we wrote Aug 31. And the August rise in primary-residence rents outpaced the increase in owners’ equivalent rent, and the cost of lodging away from home.
So Cardi asks: “How are people surviving? I want to know! You know, my family and my friends, they’re so grateful to have me, but it’s just like, yo what happens with people that don’t have a me?!”
Cardi Instagram speaking about worldwide inflation and its a effects on working class people pic.twitter.com/88Armyd0t0
— GENFKU Kawaii Chitsu (@GEN27FKU) September 10, 2022
She also correctly points out in the video that costs are rising “all over the world, bitch!” She continued: “I get it, I care, but I can’t do shit about it, bitch.”
Like we said: She gets it.
Source: Economy - ft.com
