TAMPA, Fla. — According to Zillow researchers Tampa is the hottest housing market of 2022

Before that distinction the City of Tampa experienced a rent hike of 24%. 

The rent burden and fear of being displaced is a concern for many Tampa residents no matter their socio-economic status. 

Limited affordable housing has also forced renters to pay more than than 30% of their income to secure housing. 

"I faced a lot of anxiety over it," said Nathan Hagan who lives in North Hyde Park. His landlord has not increased his rent, at least not yet.

"If that happens I face the question of where do I go," Hagan said. "I'm hearing stories where people are having $600 a month rent increases." 

He compares the housing and rent crisis to a game of musical chairs. 

"There is more people at the table and you need more chairs," said Hagan. "If you don't add more chairs and people are sorting themselves by their ability to compete financially for a limited resource that is housing. At the end of a lease cycle somebody is going to be left without housing." 

"If we do nothing multiple thousands of people will be displaced," said Realtor Kella MacCaskill. "It resembles very much a natural disaster." 

MacCaskill also runs the non-profit Center for Economic Development and the American Dream Fest. 

"I've been in this industry for over 25 years," she adds. "I have never seen a spike like that." 

Some of the clients she found housing for last year are now trying to downsize. 

"People cant sleep at night knowing that their lease is going up in January. They have no where to go." 

She says the potential ripple effect on the local workforce will be more damaging to the economy. 

"If the employees aren't there and their workforce can't live near their jobs and their two hours away what's that gonna look like," said MacCaskill. 

Meanwhile Nathan Hagan has been inspired to help. 

He leads the Tampa chapter to YIMBY which advocates for improving the supply of housing and changing policies like exclusionary zoning.

"We are in a State of Emergency because of growth, but because we failed to build enough housing."

Because the housing market is booming Councilman Orlando Gudes is concerned that long-time Tampa residents will be forced out.

Gudes is having the city attorney look into the possibility of Rent Stabilization to slow rent increases and balance out the housing market.

Results of that research will be discussed at a housing workshop on February 24.