"Although New York City was one of the rental markets that saw the steepest rent declines during the [COVID-19] pandemic, its median asking rent rebounded to pre-pandemic levels by spring 2022 and has continued to rise annually since then."
"The average New Yorker spends around 38.1% of their income on rent, much more than the recommended 30%. This indicates a significant strain on residents, highlighting concerns about affordability in the city's housing market."
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