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Finding affordable housing affects a large portion of the city's population including low-income, moderate-income, and even median income families. Since 1970, income has remained relatively stagnant while rent has nearly doubled for New Yorkers. Consequently, 48.7% of householders spend more than 30% of their income on rent.
The federal government, through its Low-Income Housing Tax Credit program (which in 2012 paid for construction of 90% of all subsidized rental housing in the US), spends $6 billion per year to finance 50,000 low-income rental units annually, with median costs per unit for new construction (2011–2015) ranging from $126,000 in Texas to $326,000 ...
Section 8 of the Housing Act of 1937 ( 42 U.S.C. § 1437f ), commonly known as Section 8, provides rental housing assistance to low-income households in the United States by paying private landlords on behalf of these tenants. Approximately 68% of this assistance benefits seniors, children, and individuals with disabilities. [1]
Congress passed two different rental relief packages. The first, approved in December, provided $25 billion for rental relief. The second, approved in March, provides more than $21 billion. In ...
Although demand for affordable housing, particularly rental housing that is affordable for low and middle income earners, has increased, the supply has not. YIMBYs argue building more housing makes housing more affordable. Potential home buyers are forced to turn to the rental market, which is also under pressure.
The Terner Center study on the cost to build low-income housing found that projects paying union-level wages to construction workers could cost $50,000 more per apartment and those built to ...
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