While over half of market rate rentals are affordable to white households earning median incomes, only 14% are affordable to Black households and 10% are affordable to Hispanic households earning median incomes, according to a new report.
During the first three months of this year, only about 1 in 3 listings for market rate rentals were affordable — or cost less than half of household wages — for New Yorkers earning median incomes, the report found.
While over half of market rate rentals are affordable to white households earning median incomes, only 14% are affordable to Black households and 10% are affordable to Hispanic households earning median incomes, the report found. this month, although she said earlier this week that she plans to keep pursuing the proposal during the remainder of the legislative session.
“New York City’s housing crisis requires thoughtful, rational policy actions grounded in basic economics. Hopefully, they arrive sooner rather than later,” he added.
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