New York City’s Affordable Housing Units Dwindled Since 2005

By Anonymous

The city has lost more than 1 million apartments that rent for $900 or less, a report shows

New York City has lost more than 1 million affordable apartments since 2005, leaving working-class residents with fewer options as rents continue to rise, according to a report released Tuesday by New York City Comptroller Scott Stringer.

During the past 12 years, the city’s rental market has shifted from lower-cost units to middle-class and luxury apartments—with the number of residences renting for more than $2,700 a month increasing by 238,000, according to the report.