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NYC Faces “Extreme Vacancy Shortage” in Low-Cost Rentals
New York City faces an “extreme vacancy shortage” among the city’s lowest-cost rental units, where vacancy is currently less than 1%. That’s among the preliminary findings of the latest New York City Housing and Vacancy Survey, conducted every three years by the New York City Department of Housing Preservation and Development (HPD).
HPD’s survey, conducted since 1965 in partnership with the Census Bureau, finds a net vacancy level of 4.54% citywide. Further, the city’s overall median household income would need to double to afford the overall median asking rent of $2,750, and one-third of the city’s renters spend more than half their income on rent.
“The findings are clear: Our city’s affordable housing crisis is as dire as ever, and that’s why I am working every day to create and preserve the high-quality, affordable housing hard-working New Yorkers need and deserve,” said Mayor Eric Adams.
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