Shocking revelation: the rent is too high in New York

The number of residents with costs above the affordability threshold in New York has increased by 122 percent since 2000.
By Aileen Graef Follow @AileenGraef Contact the Author   |   March 12, 2014 at 4:25 PM

The New York state comptroller's office released a report saying the rent was too high in the Empire State.

According to the report, 50 percent of residents are spending more than a third of their income on rent. It was just 40 percent in 2000. This means that under federal guidelines, these residents are considered cost-burdened by the government and could have difficulty affording food, transportation, clothing and medical care.

Between 2000 and 2012, average household income decreased by 7.1 percent and their average costs increased by 18.6 percent. The report attributes the rise to a few factors: comparatively slow economic growth, rising real estate tax burden, and limited housing.

[HuffPost Live]

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