Over the past decade, housing costs in the United States have risen by roughly a third as cities across the country, including in the D.C. area, have experienced a significant spike in renting costs. In our nation’s capital, a majority of residents rent their homes, and nearly 45 percent of renters pay between 31 and 50 percent of their income on rent. Lower-income communities are even more cash-strained, with more than 60 percent earning less than $20,000 per year and spending more than half of their income on rent. The problem has been exacerbated throughout the coronavirus pandemic because of record layoffs, furloughs and pay cuts.
Our cities are eliminating the cash security deposit as we know it. Here’s how.
April 16, 2021