In June of this year The Business Times covered a story about a Chicago tech worker moving to San Francisco who lost out on an apartment due to a competitor who was willing to pay a full year’s rent upfront in cash. The market for renters has gone bonkers again following a massive wave of capital and high-earning workers flooding the city and colliding with a frozen housing supply.

After a few quiet post-pandemic years, the rental market is back in hyperdrive. Long lines at unit viewings and bidding wars over rent are actively happening across the city. This renewed demand has reignited familiar arguments over the reality of housing inventory in the city. Do we have a true shortage of housing or would there be plenty of apartments to match demand if we simply bring existing vacant units to the market?