http://www.economist.com/blogs/freeexchange/2014/04/housing-markets
This article is talking about the how housing markets are struggling. For rent to be considered affordable the rent shouldn't take up more then 30% of a households income. This goal is more unattainable then ever for middle class families and the market is just pushing the rent prices up faster then the raises in pay.
The strain of high cost rent is no longer just limited to the big cities such as New York. This is sweeping across the United States as the housing market tries to recover. It also points out that most of the construction being done is for luxury housing rather then middle class homes.
It is unfortunate for the housing market that the increase in renovation have put so many houses on the "luxury" end of the market. This will surly disturb the equilibrium of supply and demand in the housing market, causing prices to rise dramatically and demand to decrease in turn.
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