The Grace Gazette
New York has a housing crisis. I don’t think anyone would dispute that assertion. Unlike many other so-called ‘crises,’ New York legitimately has an affordability problem. According to one study, the typical NYC household spends as much as ⅔ of its income just on rent. That’s an outrageous figure. Our elected figures have been responsive, since housing prices started rising in the early 1990s every major city politician has promised to make housing more affordable.
Despite these nearly universal promises, prices have continued their seemingly inexorable rise. The continued rise is not for lack of trying. In 2011, less than 40% of New York’s rental units were at their market value. The rest were rent controlled, rent stabilized or owned by the city itself. New York spends billions each year subsidizing housing and paying for the New York City Housing Authority. Despite the billions, only ¼ of New York’s housing stock is affordable to the middle class.
Something is desperately wrong with how the city and state are confronting this critical issue.Read All