Unaffordable New York
A recent poll indicates that New Yorkers are having a tough time making ends meet. Forty-one percent of Gotham residents report that they can’t afford to live here and are considering moving out. High rents and high taxes—without great infrastructure or services to show in return—make living in the Big Apple a harder and harder sell.
The Facts You Need to Know
Tax: Local taxes eat up a greater share of personal income in New York State—especially downstate—than anywhere else in the country. Read more.
Rent: New York City’s rents are high because onerous regulation limits the number of available apartments and inflates prices. Read more.
Move: With residents heading for the exits, New York is one of the only states that has seen a population decline in recent years. Read more.
“The out migration downstate is first and foremost about affordability. Rent and property taxes downstate are very high.”
The Past is Present
“New York’s general housing quality is well below that of most other cities as measured by extremely low vacancy rates, higher rents at the margin, and the general senility of an aging and crumbling housing stock.”
And in other news...
“State lawmakers have been told to pack enough clothes to work through the coming weekend, a sign that a $175 billion state budget could be voted on just before the April 1 deadline. But will the budget be on time?”