New York’s Notorious Landlords Are Finally Losing Some of Their Power
Even amid a years-long national housing crisis, New York City’s rental market has seemed especially cruel.
The average rent increased by 24 percent between 2009 and 2016, the number of new homes grew far slower than the number of people flocking to NYC, and the typical family earning between $10,000 and $20,000 paid upwards of 74 percent of their income on rent, according to a report issued last fall by the city comptroller.
“There’s nothing at all sustainable about the way New York is evolving,” said Joel Kotkin, a housing researcher and fellow in Urban Futures at Chapman University in California.
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