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...
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