"New York City's Rental Vacancy Rate Plummets to 1960s Levels Amid Housing Crisis"

New York City's rental vacancy rate has dropped to its lowest level since the 1960s, with only 1.4% of rental apartments available, particularly affecting the availability of cheaper units. The ongoing housing crisis has led to record-high rents, with half of New Yorkers struggling to afford basic necessities. Mayor Adams is calling for government intervention to address the shortage of affordable housing, while Governor Hochul emphasizes the need to build more housing to alleviate the crisis.