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Tenants who choose not to buy can continue to rent; their rents will fall under the rent stabilization program.
Commercial rents will fall across all categories in America industrial property will fare the worst, retail sites the least badly according to the National Association of Realtors.
Income from rents will fall by 12% up to 2020 and, according to the National Housing Federation, 27,000 planned-for homes will not be built.
AtisReal, a property consultant, predicts that City rents will fall by 5% this year and next, and only stage a lame recovery in the years after that.
Any discussion on the UK housing crisis invariably jumps straight to housebuilding: build more houses, and house prices and rents will fall, proponents claim.
But over the next two years, enough new space to satisfy five years' worth of demand is to be completed, and rents will fall 15percentt or more, Mr. Lam predicted.
Similar(51)
"I don't think the rent will fall dramatically," he said.
The sum paid towards the rent will fall every year, in perpetuity: it will no longer rise as average local rents rise but will be pegged to the consumer price index.
Without the funding, the number of low-income families receiving help to pay the rent will fall sharply this year.
It is unlikely that rent rises will fall away any time soon in these areas".
He said many of his clients pay 60percentt of their income in rent, and they will fall behind should they have to pay for fuel.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com