Cities are becoming increasingly unaffordable. Almost a million New York City renters are rent-burdened, with more than half of those renters paying more than 50% of their income in rent. Urban rents have been climbing faster than wages for decades, a trend that has only accelerated over the past 10 years. With that in mind, it’s not surprising that the populations of large, expensive cities like New York and Los Angeles are dropping for the first time in decades.In addition to the human impact, the economic cost of high rent is substantial. High rents prevent people from moving to areas of economic opportunity, limiting growth, and constraining socioeconomic mobility. Studies estimate that real GDP could be 9% higher if New York City and San Francisco alone built sufficient housing. Follow this link to learn more.
Sourced from: New Cities