200,000 Over 10 Years:

Mayor de Blasio's affordable housing plan will create 200,000 units of affordable housing through both preserving 120,000 existing affordable housing units and building 80,000 additional units.

Why Is The Plan Necessary?

  • Most New Yorkers Spend Too Much on Rent: More than half (55%) of all renters spend over 30% of their income on housing costs.
  • Expensive Housing Eats Up Majority of Renters' Income: Nearly one-third (over 30%) of renters are spending more than half their income on rent, leaving them with little money for other necessities.
  • Rent Increasing in Double Digits: The average monthly rent for an apartment in NYC has increased by almost 11% in the past decade.
  • Rent Increased Nearly Three Times the Rate of Wages: Over the past 20 years, wages for the renters have increased by less than 15% while average monthly rent for a NYC apartment has increased by almost 40%.
  • Twice as Many Renters as Affordable Housing Units: There are nearly one million (979,142) low-income households but less than half (424,949) that amount of available housing units that can be afforded at that income level.

 

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