POLITICS
12/11/2013 09:35 am ET | Updated Dec 11, 2013

'The Rent Is Too Damn High' Party Leader Jimmy McMillan Says 'I Told You So'

Jimmy McMillan, former gubernatorial candidate for New York state and founder of "The Rent is Too Damn High'' party, had a big "I told you so" in response to a recent Harvard study finding significant increases in rental prices.

"I appreciate the Harvard study, but it's out of touch." McMillan told HuffPost Live on Tuesday, as he placed the blame for skyrocketing rent squarely on the shoulders of President Barack Obama.

McMillan said the Wall Street banks and the Obama administration's foreclosure policies directly affected rent in New York City.

"It created a domino effect across the country," he said. "Once we fix it here, it'll trickle a domino effect where you are."

Bloomberg reporter Peter Coy, also appearing on HuffPost Live, explained that "market forces aren't keeping up with demand" of the housing market. Pointing to the direct role of the banks, Coy noted that foreclosed homes often end up being rented back to families who can no longer afford a mortgage.

"Everything is conspiring against poor families that need the most support," he said.

New York City has been one of the areas hit hardest by skyrocketing rent prices. A REIS study in July found that the average rent for most of America is about $1,000 per month. But in New York City, that number tripled to a staggering $3,017 per month.

High rent prices were a major part of New York City's Mayor-elect Bill de Blasio's campaign. But McMillan isn't sure if the mayor elect can fix the rental crisis by himself.

Check out the full segment above.

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