REMARKS
Overview of New York City's housing affordability crisis
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Council Member Sanchez highlights the severe housing affordability crisis in New York City, citing recent findings from the housing and vacancy survey. She emphasizes the low vacancy rate, the displacement of working-class families, and the poor conditions of existing housing stock.
- The vacancy rate is at a record low of 1.4%
- Working-class families are being replaced by higher-income households
- In Sanchez's district, 61% of renters are rent-burdened, and over 55% of units have code violations
- An estimated 100,000 families citywide are living in hazardous conditions
Pierina Ana Sanchez
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New York City is facing its worst affordability crisis and decades, driven in large part by housing costs.
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As the cost of rent and housing skyrocket, working in middle class New Yorkers who have been here for generations who have helped to build our city are struggling to remain in their homes.
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Last week, we had a hearing on the city's housing and vacancy survey.
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The most recent findings highlight a vacancy rate of 1.4%, the lowest on record.
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The findings also highlight I understand and what we can understand as a hyper gentrification of New York City, one like we've never seen before, with work working class and low income families leaving our city while being replaced by higher income households earning over $200,000 per year.
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In my district, 61% of renters are rent burdened, meaning that they're paying more than 30% of their monthly income and rent.
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The housing stock is also falling apart.
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More than 55 of every 100 units in my district has a code violation.
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And across the city, CSS Community Service Society estimates that over a 100,000 families in 10,000 buildings are living with multiple conditions that are hazardous to their health and safety.