New report details New York City’s affordable housing ‘crisis’

A new report from Comptroller Scott Stringer examines the numbers behind the need for affordable housing and what lawmakers can do to address the issue. Credit: Don Emmert/AFP/Getty Images
A new report from Comptroller Scott Stringer examines the numbers behind the need for affordable housing and what lawmakers can do to address the issue.
Credit: Don Emmert/AFP/Getty Images

A new report released Wednesday shows working class New Yorkers have particularly squeezed between sluggish incomes and rent hikes over the last 14 years.

The average American may have seen a rent hike of 44 percent since 2000, but New Yorkers on average are paying 75 percent more for rent than they did a little over a decade ago.

Meanwhile, New York City residents also saw their median income drop by 4.8 percent after adjusted for inflation.

The 40-page report from Comptroller Scott Stringer examined the numbers behind the city’s housing affordability woes, while offering some priorities for lawmakers tasked with alleviating homeowners and renters’ woes.

“It is critical to understand our City’s housing landscape so that we can target the next investment of resources,” Stringer said in a statement. “New York City’s position among global cities will be defined by how well we respond to this crisis.”

In the report, the comptroller commends Mayor Bill de Blasio’s commitment to create 200,000 affordable housing units within the next 10 years. The report emphasized the need for government subsidies to meet the city’s housing needs, dismissing the idea that the private market could create it at a faster rate as implausible.

When looking at the forces behind the increasing need for affordable housing, the report said that the oft-blamed gentrification process has had an affect on the city’s housing stock, albeit maybe less than people think.

“While gentrification of the city’s household distribution was an unlikely cause of rent inflation citywide during the Bloomberg era,” the report read, “the evidence at the borough and neighborhood level is more convincing.”

Using Brooklyn’s boom during the last 12 years as an example, the borough gained about 28,000 mid- and high-income households, compared to Manhattan’s 21,500. Meanwhile, the number of New Yorkers making $100,000 or more actually declined in every other borough.

“It may not be coincidental that Brooklyn experienced the largest increase in average rents while Queens and Staten Island the lowest,” the report added.

As to actually addressing the affordability issue, the report suggests that the city begin to focus on the housing needs of working families making less than $40,000 a year, who are particularly subject to stalled income and a dwindling supply of affordable rentals.

Stringer also proposes that lawmakers invest in the city’s Housing Authority, not only with stabilizing and preserving it but also rehabilitating existing units, which house almost 5 percent of the city’s entire population.

The comptroller’s office also addresses the city’s high homelessness rate and a fast-shrinking supply of rent-regulated housing, as well as the increasing issue of housing needs for the city’s elderly and disabled.

“In the modern era, there has been a crisis of affordability, but the conditions and the demands of that crisis have changed,” Stringer added. “We have begun to define the issues, now begins the work to provide affordable housing at all levels of the economic spectrum.”

Follow Chester Jesus Soria on Twitter @chestersoria



News
Entertainment
Sports
Lifestyle
Local

Brooklyn man charged in roommate's stabbing death

A Brooklyn man accused of violently stabbing his roommate to death on Monday is in police custody and faces murder charges.

International

Dinosaurs could have survived asteroid strike

It turns out there is a good and a bad time for the planet to be hit by a meteor, and dinosaurs were just unlucky.…

National

OkCupid admits to Facebook-style experimenting on customers

By Sarah McBrideSAN FRANCISCO (Reuters) - OkCupid, a top U.S. matchmaking website, intentionally mismatched users to test its technology, the IAC/InterActive Corp service said on…

Local

MTA fares still increasing 4 percent in newly…

The agency said the 4 percent increases, previously announced in December, will remain steady even as the MTA deals with increasing labor costs.

Movies

Interview: Brendan Gleeson on the way 'Calvary' depicts…

Brendan Gleeson talks about how his new film "Calvary" began over drinks and how his character here is the opposite of the lead in "The Guard."

Movies

'Get on Up' producer Mick Jagger on the…

Mick Jagger, a producer on the James Brown biopic "Get on Up," talks about the time had to tell the singer some bad news and his favorite JB record.

Television

'Glee' star Lea Michele to appear on 'Sons…

"Glee" star Lea Michele has been confirmed as a guest star in the final season of "Sons of Anarchy."

Television

TV watch list, Monday, July 28: 'The Bachelorette'…

See Andi Dorfman make her big choice on tonight's 'Bachelorette' finale.

MLB

Angelo Cataldi: Ryan Howard deserves better from Phillies

Just last week, Ryan Howard endured the embarrassment of a benching that was inevitable, and yet still shocking.

NFL

Larry Donnell has inside track in Giants tight…

Little-known Larry Donnell of Grambling State currently has the inside track, as the second-year player has received the bulk of the first-team reps.

NFL

Computer to Jets: Start Michael Vick over Geno…

Jets general manager John Idzik says the choice of who starts between second-year quarterback Geno Smith and veteran Michael Vick will be a “Jets decision.”

MLB

Yankees looking to trade for Josh Willingham: Report

CBS Sports’ Jon Heyman reported Sunday the Yankees are interested in Twins outfielder Josh Willingham.

Travel

Glasgow: Hey, hey, the gangs aren't here

This European city has done a good job getting rid of its more violent residents and revitalizing with artists.

Education

Babson College tops list of best colleges for…

Money magazine has just released its inaugural list of "The Best Colleges for Your Money" -- and the answers have surprised many. Babson College, which…

Education

NYC teens learn how to develop apps during…

Through a program sponsored by CampInteractive, the high schoolers designed their own community-focused apps.

Tech

The Ministry of Silly Walks app is both…

Monty Python have dug into their back catalogue for cash-ins once more, but with the Ministry of Silly Walks app, they've made something that's fun too.