REMARKS
Council Member Cabán outlines affordability crisis and deep affordability concerns
3:53:57
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67 sec
Council Member Cabán focuses on the issue of deep affordability in housing, presenting data and research to highlight the severity of the affordability crisis in New York City.
- She cites statistics showing a loss of affordable apartments for low-income families between 2002-2021
- Cabán notes a mismatch between population growth (6%) and housing stock increase (3.5%) in the New York Metropolitan area
- She references an NYU report indicating that increasing supply alone is insufficient to meet the needs of the lowest-income households
Tiffany Cabán
3:53:57
And I think there's an agreement that there is an affordability crisis, but the thing I wanna focus on in these questions is deep affordability.
3:54:05
Right?
3:54:06
That deepest of affordability.
3:54:07
And just to frame my questions quickly, we know that between 20022021, we'll have the apartments in New York City that were affordable for individuals or families earning less than 200% of the federal poverty level.
3:54:21
Were lost.
3:54:22
And clearly, we haven't been building enough housing in general.
3:54:25
There's an agreement on that in the last decade we saw in the New York Metropolitan area a 6% growth with only in population with only a 3.5% increase in the housing stock.
3:54:36
So we we know and agree that while increasing supply can help improve conditions for lower income families, there was a recent report out of NYU, which compiles all the recent research and academic literature on the impacts of of new supply and housing affordability that concluded, quote, filtering like that filtering down, it's not gonna cure enough affordable housing to meet the needs of all households.
3:54:57
That some households have incomes too low to afford even the lowest rent a landlord can charge and still profit after paying those expenses.
