Rents Soar While Income Falls in Brooklyn


    Average rents rose 77 percent in Brooklyn while city wide real median income fell 4.8 percent from 2000 to 2012, according to a report out from the city comptroller described in The New York Post. The increases were the largest in any borough.

    A story in the Times implied that meeting Mayor de Blasio’s stated goal of keeping or creating 200,000 affordable units will not fix the problem:

    In an interview, Mr. Stringer said numeric goals were not enough. He noted that the Bloomberg administration spent $5.3 billion of city money and leveraged another $18.3 billion to both create new affordable units and preserve existing housing — for a total of 165,000 units over 12 years — yet the city today is still grappling with record homelessness and the loss of low-rent housing.

    A separate story in the Post described a young woman paying only $1,256 a month in rent for a spacious two-bedroom rent stabilized in Crown Heights — on the face of it, an excellent deal. But, with a salary of only $30,000 a year before taxes for her retail sales job, she can barely afford it. Her landlord has offered her money to move, but she didn’t take it, knowing she would not be able to find a lower rent elsewhere.

    Rents are going up and wages are falling everywhere, not just in New York City. “In the rest of the nation, rents rose by 50.1 percent over the same period — hitting an average of $773 per month,” said the Post.

    The comptroller’s report recommended that affordable housing in New York City should focus on the poorest, not middle income New Yorkers. What do you think should be done?

    New York City Housing Push Should Aim at Poorest, Report Says [NY Times]
    NYC Rents Skyrocket as Incomes Lag [NY Post]
    As Rents Rise, Some Stuck in Affordable Homes With Moving Too Costly [NY Post]

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