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Leader 🦁, Advocate ✊🏾, NYC Realtor® 👨🏾💼🏠 serving Manhattan🗽and the surrounding markets 🌉

In February 2024, the New York City Department of Housing Preservation and Development reported a critically low rental vacancy rate of 1.4%, according to its 2023 Housing and Vacancy Survey. This rate, far below the 5 to 8 percent considered healthy, signals acute challenges in the housing market, marked by steep rents and a severe shortage of available homes. This scarcity particularly affects low-income families, with some having to allocate over half their income to cover rent, severely limiting affordable housing options. The repercussions of this housing crunch are widespread, affecting various demographics, including students from Fordham University, who find off-campus housing increasingly unaffordable. The median rents across NYC boroughs remain daunting, pushing students to opt for on-campus living despite a desire for more independence and space. Personal accounts from students highlight the dichotomy between the high cost of living in the city and the yearning for autonomy that off-campus housing offers. Amidst these challenges, the city is taking legislative steps to mitigate the crisis. The "Fair Housing Framework" law, enacted in late 2023, aims to foster the creation of 100,000 new homes across the boroughs by altering zoning regulations, a move intended to bolster housing availability and affordability. This situation emphasizes a broader issue of economic disparity and housing accessibility in New York City, necessitating comprehensive and effective solutions to ensure that all New Yorkers have access to affordable and decent living conditions. #NYCHousingCrisis #AffordableHousing #RentalVacancyRate #FairHousingFramework #NewYorkCity #FordhamUniversity #HousingShortage #EconomicDisparity Contact me to discuss the latest scoop in real estate! #manhattanrealtor #brooklynrealtor #queensrealtor #bronxrealtor #westchesterrealtor #nyrealtor #nycrealtor #realtist #nyrealestate #douglasellimannewyork

New York City Housing Market Continues To Tighten

New York City Housing Market Continues To Tighten

housing-trends.com

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