ny1.com Open in urlscan Pro
35.171.36.111  Public Scan

Form analysis
0 forms found in the DOM

Text Content

Open in Our App




Get the best experience and stay connected to your community with our Spectrum
News app. Learn More



--------------------------------------------------------------------------------

Open in Spectrum News App

Continue in Browser

54°
Toggle navigation
All Boroughs May 13, 2024 3:39AM HT
54° New York City, NY EDIT
Watch Live
   |
 *  * Recent Activity
    * Log Out
   
    * Recent Activity
    * Log In

 * Latest News
    * Headlines
    * Coronavirus Coverage
    * Public Safety
    * Education
    * Health
    * In The Papers
    * Mornings On 1
    * News All Day
    * The Rush Hour
    * NY1 Live at Ten
    * Weekends On NY1
    * In Focus with Cheryl Wills
    * Exploring Your Health
    * Extra Shot
    * Asian Pacific American Heritage Month 2024

 * Weather
    * NYC Weather
    * 7 Day Forecast
    * Interactive Radar
    * Watches and Warnings
    * Weather Blog

 * Transit
    * Transit News
    * Interactive Traffic Map

 * Politics
    * New York Politics
    * The Big Deal with Errol Louis
    * Inside City Hall
    * NY1 Political Buzz
    * Washington DC Bureau
    * NY State of Politics Blog
    * New York State Government
    * Mario Cuomo: The Last Liberal

 * Arts+Culture
    * Arts
    * Style
    * On Stage
    * Mornings On 1 Authors Week
    * Tasting New York City
    * SN Challenge
    * 50 Years of Hip-Hop

 * Community+Neighborhoods
    * Manhattan
    * Brooklyn
    * The Bronx
    * Queens
    * Staten Island
    * Human Interest
    * Street Level
    * Boro by Boro
    * Community Calendar
    * New Yorker of the Week
    * Scholar Athlete

 * Podcasts
    * All Podcasts
    * Crosstown with Pat Kiernan
    * Off Topic/On Politics
    * You Decide with Errol Louis
    * Mario Cuomo: The Last Liberal

 * Our Journalists

 * ACCOUNT
   
    * Sign Out
    * Recent Activity

 * ACCOUNT
   
    * Sign In
    * Recent Activity

 * Latest News
   
    * Headlines
    * Coronavirus Coverage
    * Public Safety
    * Education
    * Health
    * In The Papers
    * Mornings On 1
    * News All Day
    * The Rush Hour
    * NY1 Live at Ten
    * Weekends On NY1
    * In Focus with Cheryl Wills
    * Exploring Your Health
    * Extra Shot
    * Asian Pacific American Heritage Month 2024

 * Weather
   
    * NYC Weather
    * 7 Day Forecast
    * Interactive Radar
    * Watches and Warnings
    * Weather Blog

 * Transit
   
    * Transit News
    * Interactive Traffic Map

 * Politics
   
    * New York Politics
    * The Big Deal with Errol Louis
    * Inside City Hall
    * NY1 Political Buzz
    * Washington DC Bureau
    * NY State of Politics Blog
    * New York State Government
    * Mario Cuomo: The Last Liberal

 * Arts+Culture
   
    * Arts
    * Style
    * On Stage
    * Mornings On 1 Authors Week
    * Tasting New York City
    * SN Challenge
    * 50 Years of Hip-Hop

 * Community+Neighborhoods
   
    * Manhattan
    * Brooklyn
    * The Bronx
    * Queens
    * Staten Island
    * Human Interest
    * Street Level
    * Boro by Boro
    * Community Calendar
    * New Yorker of the Week
    * Scholar Athlete

 * Podcasts
   
    * All Podcasts
    * Crosstown with Pat Kiernan
    * Off Topic/On Politics
    * You Decide with Errol Louis
    * Mario Cuomo: The Last Liberal

 * Our Journalists
   

× Set Weather Location

Get hyperlocal forecasts, radar and weather alerts.

Please enter a valid zipcode.

Save

Confirm Your News Market We automatically picked the Spectrum News market we
think is most relevant to you. New York City
News and information that matter to your community.
Local weather forecasts.
Confirm Change News Market You can change your news market at any time.

WEATHER ALERTView full list of weather alerts
CLOSINGS ALERTView full list of closures



HOUSING
(AP Photo/Ted Shaffrey, File)
HOUSING


REPORT: RENT HIKES FAR OUTPACE WAGE GROWTH IN NYC

By Patrick Adcroft New York City
PUBLISHED 8:30 AM ET May 13, 2024 PUBLISHED May 13, 2024 @8:30 AM
SHARE


Wages may have ticked up in New York City over the past year, but rents have
surged in comparison, a new study has found.

From 2022 to 2023, wages rose 1.2% across the five
boroughs, but rents increased more than seven times faster, according
to StreetEasy. 

The study analyzed Zillow and StreetEasy rental data, combined with data from
the U.S. Bureau of Labor Statistics.

The economic trend is not just found in New York City: Since 2019, rents have
grown faster than wages in 44 of the 50 largest metro areas, the report said. In
2023, rents grew faster than wages in approximately half of major metros,
with NYC having the largest gap in the country.

Report author StreetEasy economist Kenny Lee, author of the report, said the
solution to high demand for apartments and low inventory is building more
housing. 

"Fortunately, inventory in NYC has been rising steadily. I think that can
decrease the competitive pressure in the market,” Lee told NY1 in an interview.
“Also what’s special about the markets in the U.S. where wages actually
increased faster than rents, they built a lot of new apartments in their
respective areas. I think that can make a huge difference in NYC, too. Long
term, increasing the supply of affordable apartments can go a long way for the
city's renters."

Lee also said the city's strong job market keeps attracting more people
to live to the city, but that has also put pressure on the housing
market and adding to the demand at a time when inventory is low. 





YOU MAY ALSO BE INTERESTED IN

HOUSING

HOUSING
HOUSING


RENT-STABILIZED TENANTS COULD FACE HIKES AFTER LATEST BOARD VOTE

The board is considering increases of 2% to 4.5% for one-year leases and 4% to
6.5% for two-year leases.


New York City1 week ago
POLITICS
2:43
POLITICS
POLITICS


MAYOR’S HOUSING PLAN OFFICIALLY ENTERS PUBLIC REVIEW PROCESS

The plan, if successful, could add more than 100,000 units of housing over the
next 15 years.

2:43
New York City1 week ago
POLITICS
7:10
POLITICS
POLITICS


MANHATTAN LAWMAKER TOUTS PILOT PROGRAM LEGALIZING BASEMENT APARTMENTS

Manhattan Assemblyman Harvey Epstein joined Rocco Vertuccio Sunday morning on
NY1 to discuss legalizing basement apartments in the city.

7:10
Manhattan2 weeks ago
POLITICS
2:52
POLITICS
POLITICS


GOV. HOCHUL PERSONALLY THANKS LABOR LEADERS FOR HELP WITH HOUSING DEAL

Housing is expected to be a key issue that factors into state legislature races
in the coming months.

2:52
Manhattan2 weeks ago
HOUSING

HOUSING
HOUSING


NUMBER OF CHILDREN LIVING IN CITY-RUN HOMELESS SHELTERS SURGES, CITY DATA SHOWS

A new database that breaks down the population in city-run shelters shows a
steep rise in the number of homeless youth in the city's care.


New York City3 weeks ago
BUSINESS
1:50
BUSINESS
BUSINESS


HARLEM ENTREPRENEURS HOPING TO SAVE THEIR COWORKING SPACE

The City University of New York has leased the space to businesses at a discount
for around a decade.

1:50
Manhattan3 weeks ago





 * Spectrum News
 * CONTACT
 * ABOUT
 * RSS
 * FAQ
 * SITEMAP
 * CAREERS
 * ADVERTISE WITH US
 * CERTIFICATIONS
 * TERMS
 * Your Privacy Rights
 * California Consumer Privacy Rights
 * California Consumer Limit the Use of My Sensitive Personal Information
 * Do Not Sell or Share My Personal Information/Opt-Out of Targeted Advertising

 * 
 * 
 * 
 * 

© 2024, Charter Communications, all rights reserved.