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Economic Issues of Housing Crisis in New York
There are many microeconomic issues which affect American cities, and one of the most prominent of them is the housing crisis. In New York, the problem with the rising rent and a growing homeless population is particularly notable and attracts considerable attention of local media. In the article, Eric Adams Faces Pressure on New Yorks Housing Crisis as Rents Rise, Mihir Zaveri and Dana Rubinstein explore the microeconomic phenomenon of New Yorks crisis.
The article talks about the rising housing prices in New York and presents information on the severity of the problem. Essentially, in New York City, approximately 30% of people who rent property spend more than 50% of their income on rent (Zaveri and Rubinstein). Moreover, there are almost 50,000 people who spend their nights in New Yorks shelters for homeless individuals. Additionally, the number of people who come to shelters in search of a place to stay during the night has been gradually growing over the several years. In Manhattan, the median rent in April 2022 was $3,870, which is more than 30% higher than during the same period in 2021. It is also the highest level of rent in the history of Manhattan. Finally, the article states that as of 2021, New York City lost nearly 100,000 properties with rent of less than $1,500 per month over three years. At the same time, over the same period, the city gained 107,000 units with rent of more than $2,300 per month (Zaveri and Rubinstein). Although the mayor promises to tackle the problem, he does not have any plan to offer yet.
Thus, based on the information presented in the article, it is clear that the microeconomic issue at hand is the housing crisis in New York. Specifically, it explores the growing rent prices, which make it more difficult for people to pay for the property. Moreover, the microeconomic issue ultimately affects the quality of life of the residents. Taking into consideration the fact that there is a large number of New York residents who spend half of their income on rent, it is likely that these individuals are forced to cut their expenses. Another issue arising from the housing crisis problem is the growing number of homeless people who cannot afford their place and need to stay in shelters.
In my opinion, the housing crisis in New York will certainly worsen in the near future if the current trend continues to persist. The rising rent prices are a major concern for many cities nationwide, and in the case of New York, it is exceptionally noteworthy. The actions of the current mayor demonstrate that the issue of the housing crisis cannot be solved easily, and therefore requires a comprehensive approach. At the same time, considering the costs of land and construction works in New York, it is unlikely that it can be tackled by building new residential properties. One of the most effective options for overcoming the issue is providing financial incentives to residents who decide to rent properties in less popular parts of the city. Nevertheless, despite potential efforts, the housing crisis is still expected to remain a topical issue in New York.
The article, Eric Adams Faces Pressure on New Yorks Housing Crisis as Rents Rise, offers an insight into the microeconomic issue of the housing crisis in New York. The city experiences a steady rise in the level of rent prices and subsequently suffers from the increased homelessness. New York can implement incentives to motivate people to rent property in less populous parts of the city in order to keep rent at an appropriate level.
Work Cited
Zaveri, Mihir and Dana Rubinstein. Eric Adams Faces Pressure on New Yorks Housing Crisis as Rents Rise. The New York Times, 2022.
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