1 in 3 NYC tenants spend half their income on rent as affordability crisis deepens
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.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.
CSS examined granular data on rents, housing conditions and tenant characteristics recently released by the city’s Department of Housing Preservation and U.S. Census Bureau as part of a survey process conducted every few years. Their analysis reveals the ongoing extent of New York City’s affordable housing crisis as a homelessness and median rents continue to surge.
Unpaid rent mounted during the COVID-19 pandemic, leading to more than 200,000 eviction filings across the five boroughs. City marshals have carried out more than 10,000 evictions since a freeze on legal lockouts ended at the start of 2022,Meanwhile, the city’s homeless shelter population is swelling to record highs as low-income New Yorkers, and tens of thousands of newly arrived migrants, who can’t afford rents seek emergency accommodations.
The median income in rent-stabilized housing is even lower, at just under $47,000, according to the data. Stein and Mironova said the report shows the importance of rent regulations that limit annual increases and compel landlords to offer a lease renewal in most cases., like new cooperatives and nonprofit-owned community land trusts, where residents pay no more than 30% of their income each month.
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