Document Type
Blog Post
Publication Date
2-4-2025
Abstract
New York City is currently in an affordable housing crisis. This crisis consists of two parts—availability and affordability. On the availability side, the rental vacancy rate plummeted from 4.54 percent in 2021 to a mere 1.41 percent in 2023, a multi-decade low. Additionally, only 400,000 housing units have been built over the past decade, despite the creation of nearly 1.2 million jobs. Meanwhile, on the affordability side, over half of New York City households are rent-burdened, defined as spending more than thirty percent of income on rent. Furthermore, rent prices in 2024 are seven times greater than actual salaries.
This post was originally published on the Cardozo Journal of Equal Rights and Social Justice website on February 4, 2025. The original post can be accessed via the Archived Link button above.
Recommended Citation
Loeser, Rob, "The FARE Act May Fare Better Than Opposition Claims" (2025). Cardozo Journal of Equal Rights and Social Justice (ERSJ) Blog. 86.
https://larc.cardozo.yu.edu/ersj-blog/86
