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New study points to stark NYC renters’ affordability challenges

On Behalf of | Aug 25, 2017 | Rent Increase |

A recent report authored by online residential database company EasyStreet passes along a number of notable points regarding the state of rent affordability across New York City.

And this is perhaps the website’s most prominent observation and stated imperative: City officials are going to have to respond in the near future and consistently thereafter with fundamentally ground-breaking initiatives that promote fair apartment pricing in order to steer the city away from a growing gentrification that threatens its historical character.

Empirical evidence grounded in hard numbers certainly seems to warrant the concerns expressed by EasyStreet, especially this one: Reportedly, the city’s lowest income recipients have seen the smallest uptick in wages among any working demographic in recent years, while simultaneously being the population that has experienced the sharpest spike in monthly rental prices.

That spells a double whammy that is effectively — and literally — shutting the door on affordable housing for legions of New Yorkers.

EasyStreet notes and applauds some specific responses made by municipal authorities that are intended to help NYC residents “who are earning the least amount of money [yet] experiencing the greatest competition for housing and the steepest rent increases.” It points specifically to initiatives like the creation of scores of thousands of new affordable apartments and incentives given to landlords to keep housing costs within the reach of relatively challenged renters.

More needs to be done, though, states the site. If city principals truly want to see a city environment that is inclusionary and marked by diverse neighborhoods, they must promote programs that provide for more educational opportunities for financially challenged individuals and families and heightened opportunities to secure higher-paying jobs.

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