New York City builds less housing per capita than almost any other major city in the U.S. In the United States, one of the reasons why it has the highest rents in the country. Like other cities, it depends on its suburbs to ease the pressure on its housing market. While the city always seems to be growing and expanding, experts say it's not fast enough to meet demand.
Zoning restrictions, the cost of construction and the ability of politicians to find a solution are some of the obstacles to increasing the supply of housing. According to the Census Bureau, New York City's population exceeds 8 million people, making it the most populated city in the country. New York is a global center of finance, fashion, art and culture, and its attractions are world-renowned. Nor have the city and state been successful for a long time in restructuring the underlying unequal tax system, which places a greater burden on large apartment buildings than on smaller properties.
Thousands of people are on waiting lists for public housing in buildings overseen by the New York City Housing Authority. Greg Abbott, from Texas, rented a bus to send a group of migrants to New York, where Mayor Eric Adams said that asylum seekers were crowding the city's homeless shelters. More people want to live here than the city can accommodate, and that has raised the prices of available apartments and houses. While the high cost of living can be a challenge for residents, it's also a reflection of New York's status as a leading global city.
The presence of such a large number of wealthy people can create an atmosphere of exclusivity that can make it difficult for average New Yorkers to feel like they belong. I asked Mihir Zaveri, who covers housing in New York, to explain to me why it's so difficult to find an affordable apartment in the city and what's behind the affordability crisis. I emailed him back saying that I couldn't use the tickets, but that I was thinking of doing an article for New York Today about one of the new guys in the Mets lineup, who is hard to lose. In 1965, the typical New York City household spent about 20 percent of its income on rent, according to a survey conducted by the city.
Low prices won't influence someone who needs to be in New York for work or who wants to live their life and environment, but for others, moving to an up-and-coming city can offer an entry point into the housing market that will generate capital and give them more flexibility to buy elsewhere in a few years. The city regulates the rents of many apartments, but more than a third of the city's tenants are still burdened by rent, meaning that they spend more than 50 percent of their income on rentals, according to city data. For example, many New Yorkers have to pay exorbitant prices for basic items, such as food and transportation. If it's your thing to brag about how much you're saving since you left New York, I'm sure the data is there.
