There is a real affordability crisis and a renter that qualifies for $1300 rent must gross $45k/year.

NOW, I know that in 2008 we were in the middle of a housing crisis, but I just give you this example to share the risks of leveraging yourself too close to your bottom line, and not having a healthy cash flow amount. 

I think stating that Phoenix was the "epicenter" of the last housing crisis is pretty far stretched. 

The people I know who went broke in the last crisis were A) Highly leveraged flippers in high-end areas who were stuck in big projects when the market turned down, or B) Highly leveraged landlords in high-end areas where the population dropped sharply because of industry downturns. 

. - clevelandhttps://www.cleveland.com/metro/2011/09/32_people_indicted_in_cuyahoga.htmlAll but a few of the properties were on Cleveland's East Side, which has been ravaged by a foreclosure crisis fueled by mortgage fraud and subprime lending.CLeveland, Ohio - Scams, reviews, complaints, lawsuits and ...https://www.ripoffreport.com/reports/nations-lending-corporation/cleveland-ohio-44130/nations-lending-corporation-mortgage-lender-deceptive-practices-cleveland-ohio-565524Jun 10, 2011This is the best way to manage and repair your business reputation.

In Los Angeles, there’s a huge housing crisis.  

Don't expect metro Phoenix housing market crash due to COVID-19That's the headline in this morning's Arizona Republic from real estate reporter Catherine Reagor.As she says, "Metro Phoenix fares better in economic downturns not led by the real estate market, but that doesn’t mean the Valley’s housing market will be unscathed by the COVID-19 crisis. 

BSME, MSIE.I like many here had started getting disillusioned by a 8-5 job, and had started dreaming of working towards hanging up my W-2 boots one day and be in RE business 100%.But this latest crisis seems to have scared me straight.

Because god forbid I wait on investing in real estate and people become millionaires in this crisis when I could’ve been one too.I don't think its a bad plan.

This is not the first time legislation like this has come before the senate, but it is the first time homelessness has been at 'crisis' levels here and cost of housing is so out of sync with incomes.