New York City's average rent is 164% higher than the national average, and astonishingly, it is increasing seven times faster than wages. With such disparities, residents understandably feel frustrated as they continue to pay exorbitant prices for small living spaces.
The Hudson Yards housing lottery offers a beacon of hope for New Yorkers, providing 114 units that are competitively priced compared to the average rent, showcasing that affordable opportunities still exist amidst the city's rent crisis.
In New York City, to qualify as 'affordable,' housing costs must be less than a third of a resident's income. Yet, even for average earners, less than 5% of available rentals are affordable, further highlighting the housing challenges.
The Hudson Yards lottery caters to a diverse income range, providing eligible New Yorkers earning between $59,280 and $209,625 a chance at spacious living with premium amenities, including a rooftop lounge and fitness center.
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