Zoning reform will at best only make it cheaper for high earning single people and small families to find housing in dense cities 30 years after a reform is implemented. Where, the only real solution is figuring out a way that would allow us to build dense urban multifamily buildings at the same cost per square foot as single family homes.
Vacancy rates are higher then they've been since the recession... Yet rents are climbing 5-15% yoy.
I look out the window, and it's a panorama of construction cranes. There's more active cranes here, then there are in any other American city.
Oh, and my rent went up 17% last year.
https://www.seattletimes.com/business/real-estate/seattle-ar...
Here is a very recent article:
https://www.seattletimes.com/business/real-estate/amid-build...
I may not be representative, but the average rent dropping doesn't mean anything to someone renting a bottom 10%-cost unit.
Average rent may very well be dropping - but the average renter is not someone who lives right on the margin of having a home, and sleeping on a park bench.
It'll happen though if current building trends continue.