August 18, 2017

Compounding the city’s affordability crisis: rents in the city rose twice as fast as wages, according to the analysis, which compared the StreetEasy Rent Index with wage data from the city’s Department of Labor.

While median rents increased 3.9 percent a year since 2010, wages increased by 1.8 percent over the same period. Those working in the city’s lowest wage jobs were hit hardest. Low-wage earners — those in the bottom 20 percent of the workforce, which represent a little more than 800,000 of the roughly 4.1 million employed New Yorkers — saw the least amount of income growth overall. Those jobs such as home health aides and dental assistants or other healthcare support services actually saw their incomes fall 1.1 percent over the past seven years.

At the same time, rents in the lowest bracket of the market — those in the 20 percent least expensive tier — increased the most since 2010 at 4.9 percent a year, with a 3 pe...

Gothamist just reported that thousands of rent stabilized apartments in New York City―the overwhelming majority which are in The Bronx―are in danger of being deregulated as NYC continues to phase out the notorious cluster site homeless shelter program that enticed landlords with on average double the average rents in order to house homeless families.

The average price per unit that the city was paying? $2,451 a month and yes, these were rents being paid in The Bronx too well above what the rent regulated rents were for these units. At the peak of the program in January 2016, the city had 3,658 cluster units spread across 314 buildings throughout the city and of those, a whopping 2,877 units in 268 buildings were located in The Bronx representing 79% of such sites which turned these residential buildings where multi-generational families lived into living nightmares as landlords greedy with the promise of doubling their re...

An annual count of the city’s unsheltered population showed a 40 percent increase in homeless people on city streets, despite the efforts of the de Blasio administration to curb the rising rate of homelessness.

There were 3,892 people homeless and unsheltered in 2017, according to the estimate conducted in February, up from 2,794 last winter. It was the largest number since 2005, when the city first began estimating the unsheltered population.

Mayor Bill de Blasio has grappled with a homelessness crisis throughout his mayoralty, calling it the “number one frustration” of his tenure, while promising new resources and facilities to house the homeless, after the city struggled to keep pace early in his administration.  Read more

 

In many of the neighborhoods targeted by the de Blasio administration for a rezoning, rising levels of rent are occurring simultaneous to increases in poverty in certain census tracts—creating a complicated picture, where the threats of gentrification are felt equally alongside the pains of deprivation. According to the report, released in conjunction with the 2016 State of New York City Housing and Neighborhoods Report, in the 2011-2015 span, 20.6 percent of New Yorkers lived in poverty—up from 2006-2010, when 19.1 percent of New Yorkers were considered impoverished. A family of two adults and two children is considered below the poverty line if their annual income is less than $24,036. Read more

The city’s bid to rezone a large chunk of Harlem will increase the development potential of at least 50 properties owned by a motley collection of landlords—some of whom may be less than deserving of a big payday. A Manhattan community board is set to weigh in this month on the East Harlem rezoning plan, which will boost the allowable size of buildings along certain corridors of a 96-block area.

The change could create as many as 3,500 new apartments if the City Council signs off on the plan by the end of the year. The initiative is meant to both jump-start new construction and influence the scope of projects that likely would have happened even without rezoning. All developers who receive a density boost will be required to include affordable housing in their new projects.

Recasting a neighborhood in this way can often deliver big benefits to longtime owners who have stuck with the area during less prosperous times. But a...

The rapid gentrification of NYC neighborhoods has led to an economic boom — and a collapse in black-owned businesses. 

New York's fast-gentrifying neighborhoods have contributed to an economic boom in the city over the last 15 years, with the number of new storefronts and companies increasing by 45%. But those economic gains have not been shared by all residents, according to a new report from the city comptroller's office. Read more here

A new report from the New York City Comptroller’s office compares economic and demographic profiles at the neighborhood level in the Big Apple from 2000 and 2015.

Comptroller Scott Stringer reveals just how profoundly the city has been transforming in the 21st century by comparing business and neighborhood details in 2000 and 2015. Dig around in the data and you’ll find detailed portraits of the city before and after gentrification, for better or worse.

Have a look on citylab

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© 2017 The Creative Destruction of New York City

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