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.
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.
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