New York City’s Housing Crunch Is the Worst It Has Been in Over 50 Years (low income)
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"Only 1.4 percent of the city’s rentals were available in 2023, according to new data, the lowest portion since 1968. The market was even tighter for lower-cost apartments."
Lower cost apartments are nearly universally rent regulated or public housing; either way people aren't leaving unless feet first in a box or or an stretcher out front door. So that's that far as low income housing is concerned.
As for rest of it things simply are what they are and everyone knows what it is; demand for housing far outstrips supply, this especially at low end.
You also have fact thanks to high interest rates and some other bits people who want or could buy aren't; they're staying put in rentals which in turn means those units aren't coming onto market.
"Then, that number is divided by the roughly 2.3 million total rental homes in the city that are either available or occupied by tenants."
I wonder if this number has changed since 2020-2021. I'm no fan of landlords, but let's face it, they were completely f*cked by NYS and NYC during covid. I wouldn't be surprised if units were being pulled off-line (by the big players) just to create scarcity. They're absolutely seeking payback for their pain.
In my former building there were three, 2 bedroom apartments, and seven, 1 bedroom apartments listed one day, and half were gone the next day (yes, I obsessively follow the listings). No moving trucks, nothing. No doubt they were pulled off-line to create scarcity.
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