Live New York

Housing In New York

Housing in New York City has never been cheap. It’s a simple case of supply and demand. Millions of people want to live in NYC and are more than willing to pay for the privilege. Out of 52 locations recently compared in the USA, New York City finished 49th in affordability. It worker in NYC will have to earn $23.21 an hour just to afford an average 2 bedroom apartment.

With the minimum wage at $7.15 an hour, it’s easy to see how many working class people can not afford to live in the Big Apple. Fair market rent is $1,217 a month for a two bedroom apartment.

Low cost is barely available, and tends to be declining in recent years. The case of the Starrett City apartments serve as an example of why cheap housing is so hard to come by. Land remains at such a premium in the city that real estate developers generally want to recommission properties to higher rent earning ones.

Now the owners are working with federal, state and city officials to put together a deal that would enable the owners to reap a $200 million profit, while the 5,881 apartments at the complex would remain affordable for many New Yorkers for the next 30 years. The deal still requires state legislation and federal approval, but Deborah VanAmerongen, the state housing commissioner, said she was hopeful for a positive outcome.”

For now the 14,000 residents of Starrett City appear to be saved. In the future, the challenge will remain for city officials to work with low income residents to assure they have a place to live. Since land in the city is always in demand, real estate developers will remain highly motivated to change land use to something more profitable.

Housing in New York is only guaranteed for those with deep pockets.