Housing, Not Including: 10 Policies to Make Rent Affordable for Low- to Middle-Income Households, Oculus, Summer 2019.
New York is experiencing an extreme housing market and policy failure, with the majority of residents fundamentally housing insecure. Almost 63% of New Yorkers are renters, according to the U.S. Census Bureau, and the highest proportion are under 50 years old. The median income for an individual in the city is nearly $58,000, meaning half of New York City adults make less. Few apartments are available for under $1,500 in the open market, yet to rent a $1,500 studio, leaseholders are expected to be earning $60,000, based on the traditional metric of income being 40 times the monthly rent. By this measure, the market is failing to meet the needs of more than half of individual wage earners.