Posted on May 17, 2016 by Jarrett Murphy in City Limits City Limits, By Jarrett Murphy The financial crisis of 2008 is old news – unless you are a New Yorker whose income is below 200 percent of the federal poverty line, a typical cut-off point for the “near poor.” The median household in that group is paying 49 of its income toward rent. A report by the Community Service Society of New York out Tuesday says that’s because incomes have yet to recover from the crash, while rents have risen in good years and bad. The stats are startling but the idea that New York City is in the midst of a huge housing crisis is certainly not news. After all, housing and affordability dominates political debate. Often, that discussion focuses on particular neighborhoods that are being reshaped by gentrification.
