In this day and age it is expensive to live and jobs are not paying as much as they should be for the labor that employees put in. We slave away for a measly paycheck that all goes to rent, utilities, taxes, and whatever bills people try to impose on us. Something needs to be done because the poor people pay everything and the rich don't have to pay anything.
The cost of rent for many Americans has become a big problem. It is very difficult to live comfortably when one must spend more than 30% of his income on rent. Furthermore, spending 50% on rent can put one in poverty, regardless of their income level. Therefore, the high cost of rent in many parts of the country has become a burden for millions of Americans.
Rents are going up faster than wages and are far outpacing the overall inflation rate. So it is no surprise then that a record number of Americans are spending half of their money on rent. This makes it less likely that they are consuming on other goods or also saving for their own retirement. All it means is more money is being siphoned off to banks and investors.
Americans that spend half of their income on rent are not able to keep a financial balance and save for their future. Rent or mortgage payments should be only one third of monthly income, so that the other goals can be funded such as retirement and emergency savings. And people need to keep enough income to reduce of eliminate debt.