Unable to realize enough profit from their portfolios to repay their investors, landlords are turning the screws on tenants in the form of rising rents and declining conditions. Understanding this financial distress points us beyond questions of supply to a more nuanced analysis of the political economy of rental housing, revealing the market interventions needed to unlock tenant power.

we argue that to decommodify urban property, we need to fight not only for policy and funding which transfers land and housing to social ownership, but also for policies that make extractive and predatory housing models less viable and organizing more feasible. We need a strategy that incorporates both social housing and housing justice.