New York's housing crisis: Why building alone won't solve it * Brooklyn Paper

"The median household income in New York City is about half what would be needed to afford the median rent, leading to a severe housing crisis."

"We have started to move away from either/or. We have a supply and demand problem, indicating that solutions must address multiple facets of the housing crisis."

New York City is facing a severe housing crisis marked by unprecedented low vacancy rates and a significant homeless population. With a median household income that falls far short of what's needed for affordable rents, more than half of residents are rent-burdened. Current policies promoting new construction through tax incentives have not resolved the issue, as rents and land values continue to rise. Advocates argue for a multifaceted approach to address the housing crisis effectively, emphasizing the need for affordable units aimed at those most in need.

Read at Brooklyn Paper