Miami rents fell 2% in 2023 despite large immigration. https://x.com/AlecStapp/status/1777741357777371273 ## Austin rents: -7% annually because it permits 2 units per 100 residents ![[Pasted image 20240709115437.png]] The reason is that they permit 20 new units per 1000 residents. ![[Pasted image 20240709115502.png]] ## SF's goal is to permit 1 unit per 100 residents: -3.5% annual rents? If the permits-to-rent dynamics were the same in SF, we'd need 2% as many permits as our population of 800k, which is 16,000 permits per year. This is about twice as much as the city's ambitious goal of 82,000 by 2032 (which it's very unlikely to hit). If we hit half of our goal, I'd expect rent decreases to be negligible or stay constant.