The rent is too damn high, and Jimmy McMillan is too damn fed up with it, so he's going to be running for the damn governor of New York. Again.
USA Today reported that McMillan, known for taking New York by storm as a candidate for governor in 2010 with The Rent is Too Damn High Party, is running once more this year. The 67-year-old McMillan is a Brooklyn resident, Vietnam vet, and former postal worker.
"The reason the rent is too damn high is because we have the most expensive government in the entire nation and pay the most taxes," McMillan said in a statement.
The Rent is Too Damn High Party has also announced it will forward Greg Fischer for comptroller alongside McMillan's governor bid.
So how damn high is the rent? It's pretty damn high. A Goldman Sachs report this summer validated McMillan's declaration, and The Guardian reported:
Goldman took a look at shelter - either mortgage or rent costs- inflation that has been increasing steadily over the past few years. The inflation for "shelter" is responsible for about 40% of the Consumer Price Index, which measures changes in what the consumers are spending their money on each month. Shelter spending has been increasing by about 3%.
The culprit responsible for these high rents? The lack of vacancies. The current rental vacancy for the past year has remained around 8.3%, lowest since the peak of 11.1% in 2009.
Supply has not met demand and, as The New York Times reported, people are now devoting more than a third of their income toward paying rent. Compare that to 2011, when a report from the Tax Foundation found residents in New York and New Jersey paid about 12 percent of their incomes for rent.
Then again, if the rent were too damn low, McMillan would never have attracted our attention.