The US wealth gap: Tech industry and real estate boom forces renters out

Global Business

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The widening wealth gap in the United States will be an issue in the upcoming election, even in communities that appear to be prospering.

In San Francisco, the tech and real estate boom is squeezing many renters out of their homes.

CCTV America’s Mark Niu reports.

Tech industry and real estate boom forces renters out of their homes

Tech industry and real estate boom forces renters out of their homes

Escalating rents stoke tensions on the streets of San Francisco. Protesters gather for demonstrations against properties owners in converting individual apartments into condominiums. CCTV America’s Mark Niu reports.

Escalating rents stoke tensions on the streets of San Francisco.

Protesters gather outside the apartment of Iris Canada to fight for her rights.  Building owners are evicting her because they want to convert the property to condominiums.

While Iris Canada’s case may seem extreme due to her age, she is 100-years-old, the situation is not out of the norm. In fact, right around the corner is this property where a resident is facing a rent increase from $3,100 to $8,500 a month.

That’s nearly triple the rent Kate Lust pays now. Lust is 57 years-old and battling an auto-immune disease. She has no family members nearby to help.

Lust said she’s constantly calling government agencies, NGOs and politicians for help. The place she calls home isn’t just her apartment, it’s the whole neighborhood.

She’s waiting for the rent board to decide whether she’ll be forced to leave her home after 22 years.

Lust also attended the rally to support Iris Canada.

She’d never spoken at an event like this before, but felt compelled to warn others and call for mutual support.


Charles Sauer on US economy and election

To further discuss how the economy will impact the U.S. election, CCTV America’s Rachelle Akuffo spoke with Charles Sauer, president of Market Institute.