www.zerohedge.com BYÂ BLUEAPPLES
If youâve heard it before then youâve heard it a million times: âthe rent is too damn high.â Most Americans know that reality all too well without the need for a meme to transcend into the popular lexicon to espouse a sentiment theyâre familiarly acquainted with. Prices arenât only a concern for residential leasers as 34% of retailers were unable to make rent in April. Despite hope that rents peaked at the beginning of the year as 61 of the nations 100 largest cities saw rents fall, the inaffordability of housing has had a profound effect in the housing market with data showing that renters outlook on owning a home has plunged over the last year. The eternal rent outlook is welcomed by the likes of Blackrock, the World Economic Forum and the rest of the âyouâll own nothing and be happyâ cartel. To capitalize on the bleak future of renters, one Bay Area startup is offering its own take on affordable housing which encapsulates the decline of living standards so many Americans have experienced in recent years.
Brownstone Shared Housing has begun renting sleeping pods in a Palo Alto home managed by the company for the low, low price of just $800 per month. According to RentCafe, the average cost of a one bedroom apartment apartment in Palo Alto is $2,404. With the median income among renters at $42,479 and a national average of 31% of income spent on rent, it goes without saying that the cost of housing in the California city is well out of reach for most people.
Brownstone bills their housing venture as a solution to that problem especially aimed at students and transient workers on short-term contracts. Their Palo Alto home is designed to accommodate 14 people who would sleep side by side in a hive-like sleeping pod apparatus. Each pod is 8 feet tall and comes equipped with a fan, lighting, fold down desk, charger for smartphones and other devices, as well as a curtain for âprivacy.â Despite being designed to accommodate up to 14 renters, the house only has 2 bathrooms alongside communal living space which includes a single kitchen.
