Op-ed: City needs to overhaul affordable housing programs
New York City is in the grips of a housing crisis, but you may not have noticed unless you’re struggling to survive.
That’s because the housing emergency only exists for renters in search of affordable apartments. It’s true the city’s 3.63 percent rental vacancy rate falls well below the five percent threshold that triggers a housing emergency, but that figure belies which New Yorkers are actually affected by it.
The vacancy rate for rent-stabilized units is just 2.06 percent while the rate for private, non-regulated units is 6.06 percent — above the housing emergency bar — according to a March 2018 report by New York City’s Department of Housing Preservation.
In other words, yes, we are in the midst of a housing crisis, but it’s disproportionately squeezing working-class New Yorkers — not wealthy households.Read More