The New York Times article discusses the severe affordable housing crisis in New York City, where rents have spiraled to unaffordable levels for many residents. The median renter household income of around $70,000 could cover a rent of about $1,750 per month, yet the current median rents frequently exceed $3,500, effectively pricing out lower- and middle-income families. The article outlines that a significant portion of the population, about 500,000 households, spend over half of their income on rent, while only 1.4% of apartments were available for rent in the last year. This situation has led to increased migration out of the city, and the concept of “affordable housing,” as defined by government standards, often fails to align with actual income levels, complicating the crisis further. The article serves to introduce a series that aims to explore both the complexities of the crisis and potential solutions.

Key Points:

• Median rent in NYC often exceeds $3,500 despite median incomes being around $70,000.
• Approximately 500,000 households spend over half of their income on rent.
• Only 1.4% of apartments in NYC were available for rent last year, leading to overcrowding in illegal housing.
• Low- and middle-income earners, as well as Black families, are leaving the city due to high housing costs.
• The formula for determining “affordable housing” often uses the Area Median Income (A.M.I.), which leads to discrepancies between subsidized rents and what many residents can realistically afford.
• The series aims to provide deeper insights into the ongoing housing crisis and explore potential ways to address it.
  Link to Article