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New York’s Falling Rents Are Doing Little For Its Housing Plan
- City spending on housing program has been trimmed in budget
- Falling rents only make a small dent in NYC housing costs
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Plummeting New York City revenues are forcing spending cuts on affordable housing, meaning low-income residents aren’t benefiting from falling rents.
For the residents targeted by the city’s affordable housing program, rents would have to fall much more to make any difference. The pandemic, meanwhile, is taking a bite out of the city’s revenue, with businesses shut down and some residents moving to the suburbs in search of more comfortable places to quarantine.