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City residents feel the burden of eye-popping rent

By
Catherine Curan
Published May 14, 2016, 8:15 p.m. ET

It’s official: For more than half of New York City renters, the rent truly is too damn high.

A new report looks at how many New Yorkers are rent-burdened, forking over 30 percent or more of their pretax income for rent and utilities. An eye-popping 51 percent of New York renters were rent-burdened from 2010 to 2014, the latest year for which stats were available. That’s a massive increase from the 41 percent share back in 2000, according to NYU’s Furman Center study.

“The rent-burden data … it’s stunning,” said City Council member Brad Lander during a panel discussion on the report at NYU last week. “Rent-burden increases are extraordinary.”

Rent burden is an urgent problem in a city where almost 70 percent of residents rent their homes, and landlords have the upper hand thanks to low vacancy rates and a dearth of affordable new units. Dramatic growth in the number of rent-burdened New Yorkers highlights the divide between the wealthy few who can afford housing-cost increases and the vast swath of working people whose incomes are stagnant or in decline. The crisis is prompting overcrowding, and pushing some long-term residents out of their homes.

Lander bemoaned forced relocation from Brooklyn’s District 39, which he represents. “The Park Slope data is a disaster … [there’s been] a dramatic displacement of households of color and low- and moderate-income households from a fantastic neighborhood,” he said.

As rents have soared citywide since 2000, low- and moderate-income households are hit the hardest. While the city’s unemployment rate has fallen since the Great Recession, workers need a lot more money in their pockets to keep up with rising rents. From 2005 to 2014, median gross rent soared 14.7 percent, but a typical renter household’s earnings inched up only 1.7 percent.

“Not all New Yorkers benefited from the growth in the regional economy,” the report said.

To address the affordable housing shortage, panelists called for new construction coupled with rigorous enforcement of protections for existing tenants.

“We need to build a lot more units,” said Katherine O’Regan, assistant secretary for policy development and research at the US Department of Housing and Urban Development.