This is in today’s Gothamist. 1 in 3 NYC tenants spend half their income on rent.
What is NY City’s solution? Pass Local Law 97 that will drive up their rent even more while having little to no effect on carbon emissions. The penalties associated with the law are going to be passed along to the tenants, raising their rents.
Let’s make the NYC Metropolitan Area entirely unaffordable. This goes well with the article the other day about how food lines in the city are getting longer.
This is what happens when people that don’t understand the utility system start making energy policy. They mean well, but the “Road to Hell is Paved with Good Intentions”. That has never been more true than now.
However, when everyone leaves, at least the carbon footprint will drop.
Rich
1 in 3 NYC tenants spend half their income on rent as affordability crisis deepens
Gothamist
By David Brand, Published Oct 17, 2023
The typical New York City tenant continues to face financial trouble.
A newly released analysis of 2021 city housing data finds that one in three households are spending at least half their income on rent, while 55% are spending about a third of their earnings to stay in their apartments.
A report from the nonprofit Community Service Society finds about 1.2 million households in the five boroughs in 2021 are considered “rent burdened,” a term coined by the federal government when it comes to how much people should pay for housing.