Given that New York City is a place where making “just” $70 to 92k a year can qualify you for affordable housing—thanks, Upper West Side condo developers—it makes sense that homeownership rates here are low. Just how low, however, is a little jarring. According to a new study published by NYU’s Furman Center and Citi, only 42 percent of homes sold on the market in 2014 were affordable even to those making as much as $114,000 a year.
A new report on the state of the city’s housing released today by NYU’s Furman Center for Real Estate and Urban Policy has a special focus on gentrification and neighborhoods that have seen rapid change in the last few decades. The report provides quantitative evidence that confirms what we already know– that rents are rising, people are being displaced, and areas around the city including Bushwick, Williamsburg, and the Lower East Side look very different today than they did in 1990, or even 2000. But there are a couple of surprises worth noting. We’ll have an in-depth followup tomorrow, but for now here’s a summary of the report’s findings.