According to economists, several factors, including the housing crisis, skyrocketing college tuition, and pandemic-related recession and inflation, have contributed to the crippling rent situation for young adults in NYC.
Kenny Lee, a senior economist at StreetEasy, noted that despite a strong increase in entry-level salaries, they still lag behind the exorbitant rent prices, which in NYC grew 7.4 times faster than wages last year.
Lee stated that approximately 400,000 homes are missing in NYC compared to the number of households needing accommodation, indicating a severe shortage contributing to affordability issues.
Christopher Ball, an economics professor at Quinnipiac, highlighted that the high demand for limited space in NYC has historically driven living costs higher, alongside the persistent impact of the 2008 housing crisis.
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