Rising rents and housing prices in New York and across the state are increasingly pushing the state to act with greater urgency to address declining affordability and homelessness.
In New York, where a pandemic rebound has driven up rents in recent months, about a third of renters are “severely rent-constrained,” meaning they spend more than 50% of their income on rent.
Between 2017 and 2021, New York City lost nearly 100,000 homes rented for less than $1,500 a month, while it added 107,000 homes rented for at least $2,300 a month, according to a recent survey. on the city’s housing stock.
According to the Coalition for the Homeless, more than 48,000 people slept in shelters in New York each night in March, with the number of single adults in shelters increasing steadily over the past few years.
The pandemic has left thousands of New Yorkers out of work, making it even harder to find a home, and the state has received more than 337,000 requests for rent relief since the summer of 2021. It has paid over $2 billion in emergency rent. relief on about half of claims, according to state data.
And, as in other parts of the country, part of the crisis is that not enough homes have been built in recent years to keep up with New York’s growth and attractiveness as a center. employment. Between 2000 and 2017, New York City created 643,000 new jobs, but only authorized about 390,000 new homes. according to city figures.
Much could change at the state level under the leadership of the next governor.
A major tax incentive to boost housing construction in New York, measures to encourage suburbs to allow more homes to be built, and a bill that would have made it easier to legalize basement and garage apartments – which had all were nominated by Gov Kathy Hochul – died in the state legislature this year.
So did a bill pushed by left-leaning Democrats that would have effectively reduced steep rent increases in most homes, known as “good cause” evictions.