A new study by the Community Service Society has found that New York City lost an astonishing percentage of apartments affordable to low-income residents over the past decade. The study supports Mayor de Blasio's "tale of two cities" narrative.
To achieve his goal of expanding the city's supply of affordable housing, a new report suggests New York mayor Bill de Blasio has a tough task ahead of him. "The Bloomberg administration marshaled billions of dollars to create and preserve affordable housing, but a new report said the city lost 40% of apartments for low-income residents over the last decade," reports Laura Kusisto.
From 2002 through 2011, the city lost more than 385,000 units of housing that would be affordable to a demographic that makes up about 40% of the city, she explains.
"Affordable-housing advocates point to a couple of factors: One is the ability of landlords to raise rents after renovating rent-regulated apartments, eventually allowing them to convert those apartments to market-rate. Another is rapidly increasing rents in gentrifying areas, such as Harlem and the Corona neighborhood of Queens."
Advocates and scholars disagree on whether strengthening rent-stabilization laws or encouraging the construction of more market-rate housing offers the best solution.
FULL STORY: City's Affordable Housing Units Dwindle
Depopulation Patterns Get Weird
A recent ranking of “declining” cities heavily features some of the most expensive cities in the country — including New York City and a half-dozen in the San Francisco Bay Area.
California Exodus: Population Drops Below 39 Million
Never mind the 40 million that demographers predicted the Golden State would reach by 2018. The state's population dipped below 39 million to 38.965 million last July, according to Census data released in March, the lowest since 2015.
Chicago to Turn High-Rise Offices into Housing
Four commercial buildings in the Chicago Loop have been approved for redevelopment into housing in a bid to revitalize the city’s downtown post-pandemic.
New Park Opens in the Santa Clarita Valley
The City of Santa Clarita just celebrated the grand opening of its 38th park, the 10.5-acre Skyline Ranch Park.
U.S. Supreme Court: California's Impact Fees May Violate Takings Clause
A California property owner took El Dorado County to state court after paying a traffic impact fee he felt was exorbitant. He lost in trial court, appellate court, and the California Supreme Court denied review. Then the U.S. Supreme Court acted.
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