Skip to main content

Featured Post

Atlantic Yards/Pacific Park graphic: what's built/what's coming + FAQ (pinned post)

Community Service Society analysis: rents rising rapidly in inner-ring Brooklyn; affordable housing rapidly lost

Some new numbers crunched by Tom Waters of the Community Service Society put Atlantic Yards/Pacific Park in some more poignant context: the call for affordable housing responded to a clear crisis.

In this case affordable housing is defined as renting for less than 30 percent of 200 percent of the 2017 poverty threshold for a family of three; that means affordable housing for lower-income people, not "income-linked," "below-market" housing deemed affordable for middle-class households.

From OUR FAST ANALYSIS OF THE 2017 NEW YORK CITY HOUSING AND VACANCY SURVEY, published 8/10/18:
Between 2002 and 2017, the city lost more than 490,000 units of housing affordable to households with incomes below twice the federal poverty threshold.
...By analyzing apartments that turned over during the five-year periods before the 2002 and 2017 surveys, we can get an idea how the market for vacant apartments has changed over time. Rents on these recent-mover apartments rose by 47 percent citywide over the 15-year period, even after removing the effect of inflation.
...The supply of housing that is affordable to low-income New Yorkers continues to dwindle—especially in Brooklyn.
Note the dramatic 51% drop in affordable apartments in Brooklyn, from 339,500 in 2002--one year before Atlantic Yards was proposed--to 165,800 in 2017.
Though Williamsburg had the most dramatic rise in inflation-adjusted rent, the Community Districts near the Atlantic Yards/Pacific Park site all had increases over 50%.

Community District 8, in red, makes a significant contrast with Community Districts 2 and 6 to the west.

It would be interesting to see how the numbers below changed, over the years, but there's a significant chunk of middle-income people in rent-regulated, NYCHA, and subsidized housing,
Note the significant racial/ethnic differences: whites represent 35% of rent-regulated units, likely older units in Manhattan, whereas blacks and Latinos represent 41% and 47%, respectively, of public housing residents.



Comments