*There is something so seemingly illegal about landlords being out of control when it comes to annual rent increases. Raising rents to sky-high proportions – especially for living spaces that barely suit a couple – not to mention an entire family of say, four.
New York City remains the most expensive place in the world to live and according to a report from Comptroller Thomas DiNapoli, half the population of those living there pay rent they can’t afford; with a staggering three million households in the state forking out 30 percent or more of their income on housing – a figure 10 percent higher than 12 years ago.
Add to that the more than one third of New York homeowners who can’t afford to pay their mortgages.
According to federal guidelines, “Families who pay more than 30 percent of their income for housing are considered cost burdened and may have difficulty affording necessities such as food, clothing, transportation and medical care.”
The report also says that 28 percent of renters and 15 percent of homeowners in New York spend at least half of their household income on housing costs which, according to the U.S. Census Bureau places them in the category of “severely cost-burdened.”
For the city known as the income inequality capital of America, this is especially bad.
Breaking this down according to burroughs, 58 percent of residents in the Bronx pay at least 30 percent of their annual income on housing; the same goes for 53 percent of Brooklyn, 54 percent of Queens, 49 percent of Staten Island, and 45 percent of Manhattan.
Learn more about this housing crisis at The Huffington Post.