Housing now unaffordable for a record half of all renters thanks to Bidenomics

People are divided into two economies right now. For the elite, defined as those living in urban areas with a postgraduate degree making at least $150,000 a year, the economy under President Joe Biden has been great. Seventy-four percent of such voters tell pollsters their personal finances are getting better.

For the rest of America, Bidenomics has been a disaster, with just 20% saying their finances are better than before compared to 40% who say they are getting worse and another 40% who say they have stayed the same.

In no area is this divide more apparent than housing. Harvard University’s Joint Center for Housing Studies released a report Thursday finding that a record half of all renters now devote more than 30% of their income to rent and utilities, and a quarter of renters pay more than 50%. Those with the lowest incomes are struggling the most.

There are many reasons why housing costs have skyrocketed under Biden, including local zoning restrictions that make it cost-ineffective to build new apartment buildings.

But plenty of other policies also raise the cost of building new housing, especially ones crafted by Democrats to combat climate change.