Reducing the Cost of New Housing Construction in New York City: 2005 Update

Publication Date: April 2005

Publisher: Furman Center for Real Estate

Author(s): Jerry J. Salama; Michael H. Schill; Jonathan Springer

Research Area: Social conditions

Keywords: Affordable housing

Type: Book

Abstract:

As was the case in 1999, the major housing problem facing residents of New York City in 2005 is the affordability of housing. More than one out of every five renters in the city pay over half their incomes in rent. It is especially problematic that the vast majority of households who experience these severe housing affordability problems earn low incomes. Nevertheless, high housing costs are a significant problem for households throughout the income spectrum. While limited data suggest that housing affordability problems may have moderated a tiny bit for renters from 1999 to 2004, they worsened for owners.