"Since 1960, New York has been in a state of housing emergency, meaning a vacancy rate of 5% or less; today the vacancy rate is 1.4%, which, in turn, has driven up housing costs higher than ever. According to Apartments.com, the average rent for an available studio apartment is around $3,270 per month. In 2021, 53% of households in the city were spending over 30% of their income on rent."
"a new job, to cosplay Broad City, or the thrill of something exciting to do every night of the week. Then there's that feeling that at any moment, you're one audition or interview or subway meet-cute away from really, actually, finally making it. But the truth is, even though NYC can be one the most rewarding cities to live in, it is historically one of the hardest places to put down roots."
Thousands of people move to New York City for jobs, cultural scenes, and nightly entertainment. The city has long been difficult for residents to establish stable housing because of recurring shortages and cycles of disinvestment and gentrification that cause displacement. In the 19th century, millions lived in overcrowded, dilapidated tenements; families sometimes shared very small apartments. Since 1960 the city has been in a housing emergency; current vacancy stands at 1.4 percent. High demand keeps rents elevated—average available studio rent is about $3,270 monthly—and many households spend over 30 percent of income on rent. Residents adapt to tiny spaces and unconventional living arrangements to remain in the city.
Read at Architectural Digest
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