New York City's ongoing housing crisis is exacerbated by extremely low vacancy rates, particularly for affordable units, as vacancy drops to 1.4% citywide. Rents have soared, with median asking rents at $3,500 monthly, necessitating a $140,000 annual income to afford. The city's housing lottery system, meant to alleviate these challenges, is overwhelmed, receiving six million applications for only 10,000 units in 2024. This situation reflects a systemic failure to meet the housing demands of the population, emphasizing the disparity between supply and demand.
In 2024 alone, Housing Connect received six million applications for just 10,000 available units, underscoring the scale of the city's ongoing housing crisis.
Each new development typically receives an average of 16,000 applications, highlighting the severe mismatch between supply and demand for affordable housing.
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