A recent StreetEasy report revealed that two out of three Gen Z New Yorkers are rent-burdened, spending 30% or more of their income on housing.
Despite a rise in entry-level wages, they are failing to keep pace with rent increases, which soared 7.4 times faster than wages last year.
The report also noted a significant shortage of housing units in NYC, with hundreds of thousands needed to address affordability issues primarily driven by restrictive zoning codes.
Experts recommended capping rent costs and eliminating broker fees, with some advocating for development reforms near public transport to improve housing availability.
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