Rising Housing Costs Push New Yorkers to Spend Half Their Income on Rent

A new analysis of 2021 city housing data reveals that one in three households in New York City are spending at least half their income on rent, while 55% are spending about a third of their earnings on housing. The report from the Community Service Society shows that 1.2 million households in the city are considered "rent burdened," with 34% of tenants being "severely rent-burdened." The situation is most dire for the poorest New Yorkers, with 84% of households earning below the federal poverty line being severely rent burdened. The ongoing affordable housing crisis has led to a surge in homelessness and eviction filings, with unpaid rent mounting during the COVID-19 pandemic. The report highlights the need for rent regulations, affordable housing solutions, and increased access to housing vouchers to address the crisis.