New York City Real Estate Prices Affects the Middle and Lower Classes

Most cities struggle with the take exception of providing cheap housing to the working poor, but in immature York city rapidly escalating real earth prices be ambitious city planners to propose affordable housing to highly better workers. The average rental price of a New York urban center apartment is $2,210 per month (Boss-Bicak 2004). The average purchase price of a New York City apartment is a record $998,905, tally to the Douglas Elliman Manhattan Market Overview (Economic 2004). According to New York City Comptroller William C. Thompson, jr. (2004), "Access to affordable and safe housing is one of the almost critical challenges facing New York City" (1).

There are a outcome of factors that contribute to the lack of access to affordable and safe housing in New York City. Chief among these are rapidly escalating rental and purchase prices. New York City and give in have a history of assisting developers with low-interest loans, tax abatements, and direct subsidies to advance the construction of affordable housing. However, the two most successful of these initiatives, the Mitchell-Lama and bitty Dividend programs are in jeopardy. The Mitchell-Lama and Little Dividend programs provide 292 housing developments end-to-end New York City, including 149,000 units of affordable housing (Thompson 2004). Of this number, 124,991 units remain but ex developments have left the programs since 2000, with another eleven develo

The above review of literature demonstrates a press urgency for the creation of additional units of affordable housing for core and lower-income residents in New York City. There are a number of factors that are involved in the housing and real estate market in New York City that make this crisis a complex, involved condition that cannot be resolved overnight. Residents who earn a median income or less in New York City have little chance of affording median rents or gross revenue prices for housing in New York City. Public auctioning of land continues to provide developers with real estate that is not designated for adorable housing use. The increase real estate prices in New York City are causing the flight of both workers and affordable housing developments from the city.

This is dependable in terms of formerly affordable housing developments infra Mitchell-Lama and Limited Development programs, as well as for developments in areas like Harlem, where renovation continues to out-price many centre and lower-income residents.

One of the most promising plans for affordable housing is a program creation sponsored by the New York City Housing Partnership. The program has joined local government and tete-a-tete developers to encourage the construction of low-cost homes for middle and lower-class residents. The Partnership was created in 1982, when Adler (2003) argues that "the city's business familiarity saw that a housing crisis affected its ability to expose quality employees" (1). Under the terms of the partnership, New York City provides dispense with land and required infrastructure improvements. The Partnership then searches for private developers to choose companies to build low-cost homes. Since its inception, the Partnership has provided more than 20,000 homes to middle and low-income residents (Adler 2003). The most recent project is known as maritime Pointe at Bayswater. Included in the development are 79 one and two-family homes that are designed for people with incomes of
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