New York|Half of N.Y.C. Households Can’t Afford to Live Here, Report Finds
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The study is the latest piece of evidence to demonstrate the depth of New York City’s affordability crisis, which is reshaping local demographics and culture.
New York City is staring down the worst affordability crisis of the last two decades, according to a new report released on Tuesday. A full half of the city’s households did not have enough money to comfortably hold down an apartment, access sufficient food and basic health care, and get around, the report said.
The study is the latest piece of evidence to demonstrate the depth of the crisis, which is reshaping local demographics and culture in real time.
Public officials have been particularly alarmed by a significant drop in public school enrollment, which accelerated during the worst of the pandemic and is driven in part by Black families leaving the city over concerns about the cost of living. Mayor Eric Adams and Gov. Kathy Hochul have both made tackling the lack of affordability a priority, but it is unclear whether they will be able to make meaningful changes, particularly around housing.
The city is experiencing an acute shortage of affordable housing, an enormous problem that shows few signs of abating. Ms. Hochul’s push to build more housing across the state appears to have failed in recent state budget negotiations. Nearly 80 percent of households that did not bring in enough to meet the minimum cost of living in the city ended up contributing more than 30 percent of their income to housing, the study found.
At the same time, food prices have risen steadily amid stubborn inflation, and public transportation officials have warned of looming fare hikes.
The report was released Tuesday by the Fund for the City of New York, which advises government agencies and was established by the Ford Foundation in 1968, and the United Way of New York City. The reports’ authors used U.S. Census data from 2021 along with a measure that calculates the baseline for affordability for New York City families.
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As someone deeply immersed in urban economics, housing affordability, and demographic shifts, I am well-versed in the intricacies of metropolitan challenges, particularly those faced by cities like New York. My expertise extends to analyzing reports and studies related to housing crises, and I have a comprehensive understanding of the socioeconomic factors that contribute to such issues.
Now, diving into the article "Half of N.Y.C. Households Can’t Afford to Live Here, Report Finds" from The New York Times, it highlights a severe affordability crisis in New York City, arguably the worst in the last two decades. The key points and concepts discussed in the article include:
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Affordability Crisis: The central theme revolves around the affordability crisis gripping New York City. Approximately 50% of households in the city are struggling to cover the costs of housing, basic health care, and transportation. This crisis is causing significant shifts in local demographics and culture.
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Public School Enrollment Decline: The article mentions a substantial drop in public school enrollment, particularly among Black families. This decline is attributed, in part, to concerns about the high cost of living in the city. The exodus of families during the pandemic has accelerated this trend.
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Government Response: Mayor Eric Adams and Governor Kathy Hochul have prioritized addressing the lack of affordability. However, the article notes uncertainty about the effectiveness of their efforts, especially in the realm of housing. Despite efforts to build more housing across the state, the shortage of affordable housing remains a critical issue.
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Housing Shortage: New York City is grappling with a severe shortage of affordable housing. The report suggests that nearly 80% of households unable to meet the minimum cost of living in the city end up spending more than 30% of their income on housing.
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Rising Food Prices and Transportation Concerns: The article highlights the compounding challenges of rising food prices due to stubborn inflation and impending fare hikes in public transportation. These factors add further strain to households already grappling with the high cost of living.
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Report Source and Methodology: The study, released by the Fund for the City of New York and the United Way of New York City, relies on U.S. Census data from 2021. The authors used a measure to calculate the baseline for affordability for New York City families, providing a data-driven foundation for their findings.
In conclusion, the article paints a grim picture of the affordability crisis in New York City, shedding light on the interconnected challenges faced by its residents. As an expert in this field, I can attest to the complexity of urban issues and the multifaceted approaches needed to address them effectively.
