Homelessness is rising in large US cities mainly as a result of rising rent prices, despite a drop in the number of people living on streets across most of the US, a new analysis has found.
The incidence of homelessness is growing faster in the least affordable rental housing markets and cities with skyrocketing home prices, including New York City, Los Angeles, San Francisco and Washington, DC, according to the study by Zillow, an online real estate database company.
“It’s undoubtedly good news that the overall level of homelessness has fallen nationwide, even as housing costs have increased. But that zoomed-out view obscures some very real, local tensions between housing affordability and homelessness, and ignores the reality that success in tackling homelessness in one community doesn’t necessarily have the same effect in another,” said Skylar Olsen, director of economic research and outreach at Zillow.
In cities with high housing costs,…