From what I understand, part of the issue is the current rental market is WHY people can’t afford to buy a place, for several reasons.

First is the rush to snatch up these properties by big investment groups or even individuals looking to add rental properties to their portfolio inflates the cost of homes due to the crazy demand. People dropping tens of thousands + on top of asking price in cash for a home is not normal and your average joe can’t compete. This goes unchecked so large groups can acquire enough properties in an area that they can inflate rent prices how they see fit to an extent.

Then because of the high prices for rent which is honestly insane in parts of NJ, people don’t have extra money at the end of the month to put away and save for anything, let alone the down payment on a home. This can have ripple effects in keeping a person tied down to a job because of the inability to move, or forcing people to live so far from their place of work that they have a ridiculous commute everyday which also has its financial consequences.

Obviously someone has to rent property, but the “business” of making a profit on keeping a roof over someone’s head is out of control