Housing Affordability in NYC is Only Going to Get Worse. Here’s how to Manage your Housing Finances

The latest data represents a housing crunch that New York City has not seen since 1968. As the city management lacks the intent to build new rental apartments, the rental availability stays under 1.4 % in 2023-24. Recent immigrant influx and the slow rate of building new apartments are collectively disturbing demand to rental availability rate and the worst has yet to come.

The unaffordability of contemporary housing not only forces working-class families to leave the city but also creates a risk of gentrification. When housing in New York is going to be extremely difficult, this article may help you find what to look for to manage your finances.

Mayor Eric Adams recently announced alarming numbers, stating, "The data is clear: The demand to live in our city is far outpacing our ability to build housing." Housing officials in city management seconded the Mayor's stance by expressing their concerns that the city needs to increase its housing capacity by hundreds of thousands. A report published in March 2023 estimated that almost half of the city will find it extremely difficult to afford housing in 2024.

The city needs to increase its housing capacity by hundreds of thousands urgently

To our Surprise, the city management and the government have not made any real progress besides a few failed attempts and ambitious proposals. There seems to be no hope for any middle-class and lower middle-class families in 2024 as well because the real estate industry, labor unions and tenant advocates are at an impasse because of unsolved tax incentives.

Gov. Kathy Hochul emphasized that we must build our way out of this crisis, and it can't wait anymore. City officials have also asked for the state's immediate support before it is too late.

Manage Your Housing Finances in NYC

Knowing the urgency of the situation, there are a few measures that people living in the Big Apple can take to manage their housing finances.

Explore Government Programs:

There are different programs at the federal and state level that can offer incentives for working families in New york. Such as NYC 15/15 Rental Assistance Program and Rental Down Payment Assistance offered by New York city management.

Seek Financial Assistance:

Most of the working class family depends on help from their loved ones, relatives and friends, in the upcoming housing economy crunch, financial assistance from your friends, family members or any loan from state owned authority will be of vital importance.

Tax Deductions and Credits:

Remember to use tax deductions for credit opportunities available for renting homes and apartments. State and city allow special tax relief for renters and mortgages.

Subletting Rooms

One of the usual practices that New Yorkers follow is subletting vacant rooms. You can sublet a room to save some cash monthly and afford your housing in New York City.

In conclusion, living in New York City will be more expensive and unaffordable for working-class families in the coming years. The state and city management must not wait anymore to take necessary measures. To fight housing unaffordability, people can manage their finances wisely to avoid the issue.