Decrease In Price Of Housing For Residents Of New York City

For many years New York City has been listed as one of the most expensive areas to live. It comes as a great relief that the recent announcement that housing within the metropolitan area is finally coming more affordable.
According to the United States Census Bureau, housing costs are beginning to take less of the typical household monthly budget. It has also been shown that a record amount of new housing in addition to one of the highest rates of rental vacancy since the first survey was conducted in 1965 are potential factors in the driving down of the cost of housing.
This in combination with a robust economy which has seen a more significant rate of job growth in comparison to the increase in rents had finally begun to show some benefit to the lower income groups of the city. However, still some groups of New Yorkers and particularly rent-controlled elderly tenants of apartments are not sharing in the newfound prosperity.
The vacancy rate is at its highest that it has been for over ten years with the Manhattan area coming in at over 4% vacancies. This is a sign that the supply of housing is beginning to outpace the demand creating a downward force on the cost of housing. Not all areas of New York are equally affected by vacancy rates only passing 2% in the Bronx.
During this time. The average household income of New Yorkers rose over 10% outpacing the rise of rent which rose nearly 8%. Rent laws have required locations to abandon rent regulation if the overall vacancy rate is over 5%. There have been arguments in city Council from landlords that these regulations should be done away with. However, due to the power from more than 1 million rent-regulated tenets, the City Council is almost certainly going to continue the regulation in full. A comparison to the recent 2014 Census Bureau survey which showed over 1 million rent-stabilized apartments the most recent study has shown slightly over 945,000 this year or in other words a percent less.
All in all, this is pointing towards a hopeful economic future for the city of New York, in particular, those of the lower economic classes within the city as housing is becoming more formal and people are beginning to earn more substantial incomes.