There are now two separate campaigns urging Albany to release plans for a $2 billion pot of housing money that has sat unused since its inclusion in the state budget.
More than 100 affordable-housing organizations have joined the New York Housing Conference in imploring Gov. Andrew Cuomo and lawmakers to agree on how to spend the earmarked cash before the Senate and Assembly break on June 16 for the summer. This week, a separate drive was launched by an organization called The Campaign 4 NY/NY Housing, the Daily News reported. Both are signs of growing concern that delays in doling out the money, which was increased by Cuomo to historic levels, are preventing developers from planning new projects for homeless and low-income households.
In 2015, the demand for rental apartments reached its highest level ever since the 1960s. The pinched access to mortgage credit after the Great Recession is one reason why. Another is that many Americans—especially the poor and people of color—haven’t felt the effects of the economic recovery, and may not be able to rustle up the funds for a down payment. A third reason is that Millennials, now the largest generation ever since the baby boomers, are especially loath to buy homes. The supply of rentals, especially at the lower end of the market, has been no match for the skyrocketing demand.
That means it’s getting harder and harder for average Americans to afford a modest rental in the U.S., a new report by the National Low Income Housing Coalition finds. “The lowest-income renters without housing assistance have always struggled to afford housing, but in recent years they have become even more squeezed as more households enter the rental market,” Andrew Aurand, the vice president of research at NLIHC, tells CityLab.
When it comes to neighborhoods where residents face the biggest challenge of affording to stay in their homes, The Bronx is home to the top five of them, according to an analysis from a housing advocacy group released Thursday.
Residents in the University Heights/Fordham area in the West Bronx are facing the No. 1 threat of affordability, according to the Association for Neighborhood and Housing Development’s report, which looked at several factors to make its determinations, including an area’s income, unemployment rate and percent of overcrowded households, among other categories.