More than 1 million affordable apartments have vanished from New York City since 2005, according to a new report from Comptroller Scott Stringer’s office.
The study found that the city has lost more than 1 million units that rented for $900 or less since 2005, while the number of apartments that rent for $2,700 or more has quadrupled over that same time period. Apartments going for $900 or less made up 20 percent of all rentals in 2017, down from 74 percent in 2005, while apartments going for more than $2,700 increased from 2.7 to 13.9 percent of the total market.
10 comments:
Landlords: All hail the Pataki-Bruno axis. You fucked us downstaters real good with your 1997 scheming.
This was all predicted back then when these shits held the city hostage.
As the old saying goes, there are two types of republican: Rich, or stupid.
If we get rid of the Albany gop majority this November it will be possible to get control of out rent, business and environmental laws back into the hands of the people who actually live under them.
Rob in Manhattan
Welcome to mayor dumbdumbs nyc. A corrupt and stupid individual.
No worries, we're paying $150 per person, per night to house the homeless at the Ritz-Carlton, with all the trimmings.
Rent prices constantly tick up, and when developers build mandated affordable housing as part of their buildings, they're never under $900.
This was actually found to have been an enormous miscalculation -- it's roughly 400,000 units, not 1,000,000+ (still a significant number, though).
https://www.wsj.com/articles/new-york-city-comptroller-admits-error-on-housing-report-1538004641
It is still significant but lets remember that our city is home to amost 9,000,000 freaking people.
so Tony - do you like all the homeless pissing and pooping all over the streets?
We're at 60,000+ homeless. Do you think these people are ever going to be able to get back on their feet and afford $2,000 a month rent... maybe some but that will not be the majority. We will be supporting them until the laws change to not require us to, and I don't see that happening.
If this city is no longer affordable people should not be held in shelters they should be given a check for 1 year rent in a state where they could find a job to help them.
We can all agree the rents are never going back down to those numbers. The cost of buying property in NY is high for the purchaser they have to pass those along somewhere. I just know that everyday I see more and more homeless and those digging in the trash for food. As a whole I do not think we're headed in the right direction. The very well off is making progress and everyone else is getting left behind. It won't be much longer for the middle class to lose pace and become the poor.
New York hass too many people....Detroit has not enough....
(LIGHTBULB)
2005, Hmm isn't that the same year special interest with hotel owners and the 20% hotel tax started ?
Chinese money juicing NYC real estate.
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