Author Topic: 1 in 3 New Yorkers spends half their income on rent: ‘staggering’ report  (Read 435 times)

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Offline Kamaji

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1 in 3 New Yorkers spends half their income on rent: ‘staggering’ report

By Brooke Kato
Published Oct. 17, 2023

As one of the most expensive cities in the world, it should come as no surprise that a third of New Yorkers are forking over half their income for rent.

The devastating data comes from the latest report from the nonprofit the Community Service Society of New York, which found that 55% of households, or nearly 1.2 million households, in the Big Apple were “rent-burdened” in 2021, meaning tenants spent at least 30% of their income on rent.

A staggering 34% of the city’s tenants were classified as “severely rent-burdened,” spending at least half their income on monthly rent as rates soar well above the median income.

In short: Housing is becoming too expensive for the average New Yorker.

It’s not necessarily a new trend — since 2005, the average NYC renter has been rent-burdened, according to the report, which is based on answers to the city’s Housing and Vacancy Survey.

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Source:  https://nypost.com/2023/10/17/1-in-3-new-yorkers-spend-half-their-income-on-rent-report/

Offline Kamaji

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That's what rent control and absurd restrictions on zoning and construction will do to you.  All courtesy of the democrats/progs/leftists and their harebrained ideas.

Offline DefiantMassRINO

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Unaffordable housing is wholly caused by Government over-regulation and interference in the real estate market.

The Liberal solution to a problem created by Government = more Government.
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Offline Weird Tolkienish Figure

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Unaffordable housing is wholly caused by Government over-regulation and interference in the real estate market.

The Liberal solution to a problem created by Government = more Government.

IMO caused by NIMBY's, zoning, density restrictions etc. Same all over the country. We are not a nation like Japan or Russia: with a total declining population. With an expanding population, including the importation of millions of people from the third world, unless you build more housing units this is what will happen. Plus you enter in the other usually inflationary crap from having Democrats. Plus add in a very tight job market.

Offline Kamaji

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Unaffordable housing is wholly caused by Government over-regulation and interference in the real estate market.

The Liberal solution to a problem created by Government = more Government.

:thumbsup: