The tide for a huge part of the housing market may be starting to shift

The tide of the housing market may be starting to turn for the better, but only if you don’t own the dwelling you’re living in. We’ve noted for some time that single-family housing is experiencing a serious shortfall in supply, leading to higher and higher prices. The tide may be turning in the opposite direction, however, for multifamily housing like apartment buildings. On Wednesday, news came out that Equity Residential, a large builder of apartments in major metros, was lowering its guidance for revenue because of sliding rents in both New York City and San Francisco.

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