"Can you describe rent prices in New York? High. Expensive. Out of control. The rent here is absolutely crazy. Very, very unaffordable. Two verys yeah very, very expensive. Median asking rent in New York City is up more than 7 percent in just the last year. It's now about $4,000 per month. That's made the cost of housing a key issue in the mayor's race, with the top candidates each proposing changes to a core New York City housing policy: rent stabilization."
"Nearly half of the apartments in New York are currently rent stabilized, which means that their rent increases are determined by a government agency controlled by the mayor. That makes rent stabilization a hot button issue for hundreds of thousands of voters. After front-runner Zohran Mamdani revealed what he pays in rent $2,300 for my one bedroom in Astoria. rival Andrew Cuomo argued he was unfairly occupying an affordable apartment and shouldn't qualify for rent stabilization because he makes $142,000 a year."
Rent in New York City is extremely high; median asking rent rose more than 7 percent in the last year to about $4,000 per month. Nearly half of New York apartments are rent-stabilized, with rent increases set by a government agency controlled by the mayor. About 16 percent of rent-stabilized households earn at least $150,000 annually. Andrew Cuomo proposes that qualification for a rent-stabilized apartment require the rent to be 30 percent or more of a household's income. Under that rule, lower-income applicants would face less competition from higher earners for stabilized units. The proposal aims to target affordable housing to those with greater need but may also affect overall apartment availability and search dynamics.
Read at www.nytimes.com
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