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Posts Tagged ‘Federal’

Among the lesser-reported impacts of the Great Recession, during which time millions of Americans lost their homes to foreclosure, is the continuing surge in rental housing demand. Demand has inflated rental rates in already costly markets throughout the country. But rental price inflation is not just a problem hitting high cost of living regions in California and New York — it has hit 90 cities nationwide with no end in sight. Rental costs between 2011 and 2012, alone, increased 4 percent nationally, whereas rents in some markets during a broader period — between 2000 and 2012 — have inflated nearly 25 percent, a study by the Joint Center for Housing Studies of Harvard University reports.

High demand and short supply means one thing: higher prices. But housing isn’t merely a luxury people can forgo. Increased demand for rental housing post recession does not merely reflect the fact that mortgage lending standards are more stringent, but the reality that many Americans are still attempting to rebound from a downwardly mobile spiral. Just because rents are rising doesn’t mean renters are in a position to absorb the price hikes. To the extent rental property demand is an outgrowth of the economic meltdown and stagnant wages — in spite of job growth in more recent years — it would appear housing reform is a topic seriously overdue for national attention.

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In a move that has sparked controversy nationwide, Arizona state Senator Russell Pearce, R-Mesa, has successfully promoted a bill that requires state law enforcement, among related jurisdictions, to aid in federal immigration law enforcement. The state senator’s most outspoken critic, Roger Mahony, Roman Catholic archbishop of Los Angeles, writes on his blog:

I can’t imagine Arizonans now reverting to German Nazi and Russian Communist techniques whereby people are required to turn one another in to the authorities on any suspicion of documentation. Are children supposed to call 911 because one parent does not have proper papers? Are family members and neighbors now supposed to spy on one another, create total distrust across neighborhoods and communities, and report people because of suspicions based upon appearance?

Mahony’s words are provocative — arguably, even, a cheapening comparison to the horrors Communist and Nazi victims experienced. Yet they come on the heels of an audacious personal attack: The Los Angeles Times reports Sen. Pearce told syndicated radio talk show host Michael Smerconish “This guy has a history of protecting and moving predators around in order to avoid detection by the law. He has no room to talk [on the illegal immigration issue].”

Sen. Pearce may be well within the protections of the First Amendment, but he has far overstepped the bounds of responsible speech. Cardinal Mahony, however, has some confession of his own to do: Dredging up a very painful historic reality in contrast to a hypothetical and alarmist outcome.

It’s time for a time-out.

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The Price of Cheap: The Hidden Cost of E-Commerce

For years “energy independence” has been the catch-all solution promoted by politicians, talk radio hosts, newspaper columnists and others who point out that the U.S. is short on oil refining capacity. Nonetheless, petroleum production facilities are not only in the process of downsizing in response to a weak economy, but permanently so the Los Angeles Times reports in “Oil companies look at permanent refinery cutbacks” [March 11, 2010].

The oil industry, which as recently as 2007 broke so many profit records that allegations of collusion and price-gouging surfaced, is singing a different tune: Limiting supply to increase sagging profit margins is the solution, analysts say, for losses induced by everything from fuel efficient cars to retiring baby boomers who no longer commute to and from work.

And to think: Just a few years ago SUVs, with their paltry ~13 mpg, were the rage from Coast to Coast. Could it be that Cash for Clunkers, unintentionally so, was a little too effective — or are oil industry insiders selling Americans up the river when they can least afford it? Whatever the case may be, nothing says Green like fuel-efficient automobiles and the beginnings of an alternative energy infrastructure. Even so, the picture the LAT paints is far from complete. The Perfect Storm of tightening supply, increasing commodity prices, rising taxes and further job losses looms on the horizon.

Hang on to your hat! The price of life is going up.

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