The Future of Housing Affordability in New York City

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Like many other regions across the United States, New York City is in the midst of a housing crisis, in which one-third of the city’s residents spend more than half of their income on housing costs. On May 14, Public Agenda – a nonprofit, nonpartisan research and public engagement organization – will host a policy panel discussion that will explore NYC’s housing challenges and practical solutions.

The panel, moderated by Alyssa Katz, Deputy Editor at The City, will feature Deputy Mayor for Housing Vicki Been, Alejandra Nasser of Flatbush Tenant Coalition and WNYC’s Kai Wright, host and managing editor of The Stakes.

While the housing crisis has impacted residents all over, Brooklyn has been hit particularly hard. Out of the five boroughs, rent increased the most in Brooklyn and Manhattan between 2006 and 2016.

Courtesy of Public Agenda

“Like many economically powerful cities, New York faces a crisis of housing affordability that threatens to undermine the very diversity that has fueled its success,” said Will Friedman, president of Public Agenda. The public can accelerate or obstruct progress on this difficult challenge and our goal here is to foster a deeper understanding of potential solutions.”

Register here to attend the free event.

This post was sponsored by Public Agenda. If you would like to reach our readers, please contact us.

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2 COMMENTS

  1. It is not true that “one-third of the city’s residents spend more than half of their income on housing costs.”

    This statement is a lie and people must stop regurgitating it as fact. I’m not sure why someone made the stat up… but it’s such a weird thing for the media to continue to regurgitate it.. why keep repeating such an obviously incorrect statement?

    Some quick math.
    1/3rd of all NYCers are rent stabilized renters. The median price paid for a stabilized unit is $1,273/month. Two people making minimum wage make $60k/yr. So they are paying 26% of their income for rent. If minimum wage workers are only paying 26% of their income for the median stabilized housing… how is that the above statement be true? The answer… the statement isn’t true.
    1/3rd of all NYCers own. No way a bank is going to lend you money if you’re going to spend more than half of your income on housing.
    1/3rd of all NYCers are market rate renters. No way landlords would rent a market rate unit to you if you’re paying more than half your income for rent. Simply put… if you can’t afford it, they will wait for someone who can to apply.

  2. And where did you get your stats from? Rent stabilized doesn’t mean affordable. My apartment is rent stabilized and over $2000/month. The medium price can be impacted by outliers – people who are still paying less than $1000/month for their units who have been there for decades. You don’tknow what you’re talking about. And yes way a landlord will rent a unit if you’re paying more than half your income to rent. As long as they get the rent they don’t are what you have left over.

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