Stringer sounds the alarm on the housing affordability crisis in new report

Median rents for 1- and 2-bedrooms rose 61 and 53 percent from 2005 to 2017

TRD NEW YORK /
Jun.June 21, 2019 09:15 AM
Comptroller Scott Stringer (Credit: Getty Images)

Comptroller Scott Stringer (Credit: Getty Images)

New Yorkers are feeling the squeeze from the city’s rising rents over the last decade, according to a new report released by Comptroller Scott Stringer.

With median rents for one- and two-bedroom apartments increasing 4 percent each year, city dwellers saw a 61 and 53 percent rent increases, respectively, from 2005 to 2017, Curbed reported, citing the report. That comes as incomes lag behind. Over the same time period, typical single-adult households saw a 1.9 percent increase in income, while other households saw a 3 percent increase.

Single-parent households see 47 percent of income gobbled up by rent, compared to 26 percent for married couples.

Stringer’s latest “Affordability Index” echoes previous reports showing the dwindling number of affordable apartments in New York City. One 2018 affordable housing report had a math error that resulted in a gross overstatement of the number of apartments that rented for $900 or less by more than half a million. [Curbed] — Georgia Kromrei


Related Articles

arrow_forward_ios
A rendering of 165 Broome Street (Credit: Handel Architects)

Nonprofit plans affordable housing development near Essex Crossing

All Falls Down: Kanye West’s “Star Wars”-themed affordable housing plan hits snag

All Falls Down: Kanye West’s “Star Wars”-themed affordable housing plan hits snag

DSS commissioner Steven Banks with 148 West 124th Street (left) and 79 East 125th Street (right) (Credit: Google Maps and Getty Images)

City will convert 14 apartment buildings into housing for homeless

A rendering of The Dime at 209 Havemeyer Street in Brooklyn (Credit: Fogarty Finger)

New city rule requires luxury rental buildings to house homeless families

2790 West 5th Street in Coney Island (Credit: Google Maps)

Brooklyn man arrested for claiming to help victims buy Mitchell-Lama apartments

City Comptroller Scott Stringer (Credit: Getty Images)

City Comptroller Scott Stringer proposes “Tenant Bill of Rights”

Mayor Bill de Blasio (Credit: Getty Images)

De Blasio warns of ‘bad landlords,’ admits affordable housing plan ‘is not enough’

Partnership for New York City CEO Kathryn Wylde, Dan Garodnick and Slate Property Group's David Schwartz (Credit: Getty Images)

Real estate pros call tenant takeover bill flawed

arrow_forward_ios
Loading...