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...
May’s rental transactions of $15,000 or higher more than doubled compared to last year.
An influx of new development rentals, and a large number of new leases signed over $15,000, pushed median rental prices up in Manhattan this May according to Douglas Elliman’s monthly market report tracking rental prices in the borough as well as Brooklyn and Queens. In Manhattan, May’s median rental price increased 2.2 percent from last year to $3,475, while the average rental price rose 4.4 percent, to $4,208. Jonathan Miller, author of the report, explains that the only reason for that price bump “is that there was simply a lot more new development rental product in the mix.” Read more
It’s bleak on Bleecker St. for commercial stores. There’s an 18.4% vacancy rate along stretches of the well-known West Village street — once famous for its beatnik shops and music venues like the Village Gate and the Bitter End, places where Bob Dylan once played.
“Bleaker on Bleecker: A Snapshot of High-Rent Blight,” used on-the-ground data collection and firsthand accounts to look into the root causes and impacts of storefront vacancies and recommends a number of solutions. Read more
Think about where NYC was in 2007: it was pre-recession, but also before the so-called “eight digit boom”that led to the development of the supertall skyscrapers that now dominate Central Park South. Megaprojects like Hudson Yards or Pacific Park had yet to begin construction, and neighborhoods like Williamsburg or Long Island City—while still in the process of adding new buildings—weren’t the built-up areas we see today. Heck, the High Line and Brooklyn Bridge Park hadn’t even opened yet. Read more
Over the past two decades, Brooklyn has undergone more drastic changes than any other borough in New York. Rents have risen, commerce has grown and neighborhoods across the borough have become some of the most desirable in the entire city. But New Yorkers aren't flocking to Brooklyn like en masse—in fact, they're doing just the opposite. A report from the Empire Center for Public Policy found that nearly 170,000 people moved out of Kings County between 2010 and 2016 as residents migrated to suburbs or cheaper parts of the city. Read more
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.