Eviction rates are starting to approach covid levels when many lower-income renters lost their jobs during the lockdowns. This time around, the evictions are not caused by joblessness, but by sharply higher rents that the same lower-income demo cannot afford. In fact, we see a 90% correlation between evictions and the rent CPI from April 2020 to the present. Fed rate hikes are forcing more would-be home buyers into the rental market, driving-up rental demand and prices. Once again, this demonstrates the regressive nature of these rate hikes and how they are not helping but hurting the economy and Americans rich & poor.
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