100 - >150 -> 148

So much win

Another chart from the same article which he didn't show

https://www.apartmentlist.com/research/national-rent-data

Getting hit by a car, but it stopped accelerating at 60 kph

rent goes up $1000

rent goes down $500

omg rent is so cheap now!!!

This type of guy fascinates the hell out of me, getting owned so hard all the time by so many people, constantly being proven stupid and wrong, but he lacks the self-awareness to recognize how embarrassing it all is for him.

The thing I find most fascinating about the liberal worship of the economy, is how they'll try to describe it like some vengeful, angry god we must appease by being "understanding" and saying the magic words "The economy is doing great."

Maybe rents have dropped slightly because landlords realised they got so greedy they couldn't actually find tenants anymore and had to dial it back so they could continue to exploit people?

This is so fucking idiotic.

I hate hearing about rent 'deflation' from these econ bros. I've never experienced my rent or know anyone whose rent was reduced, except by court order, but almost everyone's rent increases per year like clockwork. Maybe the only way to get a cheaper rent is to move at the right time but then you have to pay the cost of moving, which is expensive, not to mention time and energy consuming. But you can't afford to move if you're paying exorbitant rents every month either, and moving to a place that is $500 cheaper is eventually not going to last because of rent increases and depending on how far and how much you have to move then you may have just burned a lot of the long-term potential savings upfront. These hot takes over some dumb graph is useless or unrealistic to most people, since it probably includes the lowest rents in the most economically abandoned parts of a large country. Most people have to face an inordinate monthly rent bill even in moderate cities, not to mention the largest metropolises like New York and Los Angeles, no one gives a shit about the national statistic when their local and immediate condition is costing half or more of their monthly income and is only getting worse. It's like that guy claiming inflation was defeated if you don't consider all the necessary costs people have to pay, like housing or food, fuck you.

These apologists should be among the first in the gulags.

Here's a graph for ya

If this was happening in China, Westoid China Watchers would be publishing doom and gloom articles about how the collapsing property sector is going to cause the Chinese economy to go into a death spiral.

I know this because that's exactly what's happening right now.

Even funnier when you consider that housing and rent is about 15-20% of US GDP, including "virtual rent", which is imaginary rent which is counted in GDP. Literally imaginary in that it measures home owners living in their own houses paying rent to themselves.

"Well sure rent increased by 20% for a year there but now it's dropping by 2%! That balances it out!"

Also goddamn wish I got an 18% raise every year.

Smartest "economics" liberals don't understand that rates turn into prices by accumulating them over time lol.

That "one-time" spike, cumulatively, looks like a big permanent rent increase.

For a second, i thought the graph was in the thumbnail.

The rate of increase is falling! Why aren't you people happy? That massive rent increase was just a one time thing (until your lease is up for renewal)

Meanwhile...

the psychopathic tankies who feel the need to turn every debate over the economy into a blizzard of abuse think they're winning, because they're making more death threats, but what they're actually doing is demonstrating why views on the economy have become so distorted

logiclords always seem to think that you can't be correct unless you're nice.

No offense, but it’s been social media and peer information bubbles from the very start, some of us identified the problem immediately. “Mortgages and interest rates,” by contrast, are being adopted as an explanation because it’s the last alternative even remaining

Maybe you're just in a cope bubble of people who are well off and can abstract economic struggle into a 2016-esque theory of your social media grievances. You've been working at a university think-tank for 10 years. Get real.

Smuggest liberal's understanding of the fundamental theorem of calculus

When your data doesn't confirm the point you want to make, just add more derivatives

Communists, cursed by the ability to do math.

the rapid spike in rents was a one-time thing

for all economists

idiots 20% increase is countered by 5% decrease it’s simple math

That's cool. I'm not voting for Joe Biden but thank you for the graph.

I keep getting this guys posts on twitter and it's genuinely impressive to be so consistently wrong. Every time I hear about a new thing and see his position I just go for whatever is opposed to that, 100% track record so far

literally every word of this is false.

So, this guy is saying my rent is lower now?

"Citizen remain calm, rents are leveling off at astronomically out of reach."

I don’t think people realize how incredibly lucky Biden has been.

The Biden administration’s initial strategy was to raise the interest rates to induce unemployment to curb inflation (based on neoclassical thinking, which everyone here already knows is wrong).

However, contrary to what they had anticipated, the interest rate hikes have caused the interest payment from US treasury to pump out a gigantic ~$1.2-1.5 trillion dollars this year! The money mostly went to the rich people, but the trickle down of the crumbs have been enough to keep the economy staying afloat. This meant unemployment were kept low and consumers continued to spend. The inflation was mostly caused by supply chain issues, so it was already transitory in nature regardless of whether there was Fed rate hikes or not.

The Bureau of Labor Statistics has a 12-month lag when it comes to housing price data, and new leases have their rents going down (as shown in the quoted tweet here), which means that high rent is still being counted in the CPI print and this will come down over the next few months.

But the inflation is practically over. Biden survived. The rich people have won. The poor people have lost the most. In fact, African Americans have seen unemployment increased, while white families (especially in the top 10%) saw their share of wealth increased. The economy didn’t crash, and all the right wing economists who predicted a recession have got it all wrong (which is what I have been saying throughout this year - no recession in the US!).