Housing New York is a comprehensive plan to build and preserve 200,000 affordable units over the coming decade, to support New Yorkers with a range of incomes and to help both tenants and small landlords preserve the quality and affordability of their homes.
The severity of the NYC affordable housing shortage has reached an all-time high. This crisis has many causes, including:
1. Mismatch between supply and demand in housing. There is an increasing desirability to move into and stay in New York. Older generations who grew up in New York are staying put, rather than moving to the suburbs or elsewhere.
2. The erosion of New Yorker's purchasing power in the housing marketplace. In the last 20 years, City renters' wages have increased by less than 15 percent, while the average monthly rent for an apartment has increased by almost 40 percent. This disparity between income and rent limits housing options for New Yorkers and requires them to allocate a significant share of income to housing and not to other basic needs.Half of all rental households are deemed "rent-burdened" [spending over 30% of their income on rent], and a third of all rental households are "severely rent-burdened" [spending over 50% of their income on rent].
These commitments estimated to cost $41.4 billion are accompanied by potential funding sources including:
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