NEW YORK (1010 WINS) – The reality of New York City’s housing crisis is hitting residents harder than ever, as rents across the boroughs continue to skyrocket, leaving many struggling to make ends meet, according to a report published on Wednesday.
For Vidal, a father of two, the rising costs of rent and food have pushed his family to the brink. “We already were tight on funds as is, especially when it comes to the rent and when it comes to food costs,” he told 1010 WINS. “It’s just becoming ridiculous.”
Between 2019 and 2023, median rents in the city increased by 18%, while incomes rose by only 11.5%, according to the report from the Fiscal Policy Institute. This means that for renters, housing costs grew 57% faster than wages over the four-year period.
“We can confirm this with data and see just how bad it is,” Economist Emily Eisner, who contributed to the study, told 1010 WINS.
For Amarian, who lives at the Todt Hill Houses on Staten Island, the financial strain is just as severe. After paying for rent and food, he says there’s little left in his paycheck for anything else. “It’s very hard to maintain that right now,” he said.
The report was released just as city officials prepare to address the affordability crisis. On Thursday, a City Council zoning subcommittee will vote on Mayor Eric Adams’ plan, known as “City of Yes for Housing Opportunity.” The initiative seeks to update zoning regulations to allow for more housing development in every neighborhood, aiming to create 100,000 new apartments by 2039.
The proposal would allow owners of one- and two-family homes to add an additional unit to their properties, permit four-story apartment buildings on commercial streets, and approve five-story apartment buildings near subway and train stations.
While increasing housing supply is a critical step to address affordability, experts warn it’s not enough on its own. The Fiscal Policy Institute’s report highlights the need for policies that also invest in deeply affordable housing and tenant protections to protect vulnerable New Yorkers and alleviate the crisis more rapidly.
For Vidal and Damarian, who also live at the Todt Hill Houses, inflation and rising rents are taking a toll. “It’s just getting so tight nowadays that we just don’t know what to do anymore,” Vidal said. “It’s killing a lot of people. They’re drowning out here.”
“The jobs that we have [are] not benefiting enough, whether [it’s] health or the checks,” Damarian said.
The full City Council is expected to vote on the plan, part of the broader “City of Yes” initiative, by the end of 2024. Advocates argue that without increasing housing supply, New York City risks economic stagnation and decline, but the effort must be paired with broader affordability measures to ensure long-term relief for residents.
As the housing affordability crisis intensifies, renters and homeowners alike are waiting for decisive action to provide relief—and ensure that New York remains a city for all.