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Six Ideas for Improving Affordability in New York

vitalcitynyc.org · 2,306 words · saved by 1 readers

The first few decades of the 21st century have brought enormous challenges to New York City, from the terrorist attacks of September 11, 2001, to the Great Recession, Superstorm Sandy and most recently the COVID-19 pandemic and the work-from-home norm it sparked. The city has shown resilience in the face of these tests, but it remains vulnerable, especially given its high housing costs. While housing cost burdens have risen throughout the country, those burdens are higher and climb further up the economic ladder in New York than in many other large cities. That’s a problem the public and private sectors have to solve if New York is to thrive in the coming generations — and the only way to solve it is by producing much more housing of all types. In 2022, more than half of renters paid more than 30% of their income on rent, and 21% of moderate-income renters (those earning between 80% and 120% of the local area median income — $96,150 to $144,120 for a household of three in 2022 — were s

A new vision for postpandemic housing policy The first few decades of the 21st century have brought enormous challenges to New York City, from the terrorist attacks of September 11, 2001, to the Great Recession, Superstorm Sandy and most recently the COVID-19 pandemic and the work-from-home norm it sparked. The city has shown resilience in the face of these tests, but it remains vulnerable, especially given its high housing costs. While housing cost burdens have risen throughout the country, those burdens are higher and climb further up the economic ladder in New York than in many other large

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