AGENCY TESTIMONY
Current housing crisis statistics in NYC
0:24:41
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124 sec
Deputy Commissioner Darga presents a series of statistics illustrating the severity of the housing crisis in New York City, focusing on rental affordability and availability issues.
- Rental vacancy rate is at a record low of 1.4%, with even lower rates for low-cost rentals
- 43.1% of renter households are rent-burdened, and 25% are severely rent-burdened
- Median asking rent ($3,000) is nearly double the citywide median rent
- Over 100,000 New Yorkers are in DHS shelter, and HPD receives about 450 applications per rental home
Kim Darga
0:24:41
Almost all New Yorkers are deeply impacted by the shortage of available low cost and affordable housing, most acutely on the rental side.
0:24:50
We know from the 2023 New York City HVS that our city net rental vacancy rate was the lowest in decades at only 1.4%.
0:25:01
It is even lower amongst the lowest cost rentals for homes below $1100.
0:25:07
It was just 0.4%.
0:25:10
Medium asking rent was $3000 per month, almost double median rent citywide.
0:25:17
Median renter household income was $70,000, much less than the $120,000 that a household would need to be able Sorry.
0:25:28
Yeah.
0:25:28
I got the mask on today.
0:25:32
Median renter household income was $70,000, much less than the $120,000 that a household would need to be able to afford a $3000 apartment.
0:25:48
43.1 percent of renter households in New York City are rent burdened, and 25% are severely rent burdened, a primary indicator of financial instability.
0:26:00
And since 1993, we have lost 600,000 low cost rental homes.
0:26:06
New Yorkers are struggling to remain stably housed and provide for their families.
0:26:12
13.7% of renter households had been late on rent at least once in the last year.
0:26:18
16.4% of renters were food insecure, and 6.4% were very food insecure.
0:26:26
Over a 100,000 New Yorkers are in DHS shelter.
0:26:31
Many New Yorkers are looking for help.
0:26:33
HPD receives approximately 450 applications per rental home on housing connect, an indication that New Yorkers overwhelmingly need overwhelming need for affordable rental housing.
