A report from New York State Comptroller Thomas P. DiNapoli revealed that housing costs surged by 68% over the past decade — outpacing other major metros throughout the U.S.
Brooklyn's rent affordability was troubling for residents. In 2021, 53% of NYC households were rent-burdened, spending over 30% of their income on rent. Brooklyn, as the most populous borough, beared the brunt of this issue, with a whopping 323,136 households facing high rent burdens, the highest amount in the city, according to the report.
Certain neighborhoods, such as Bedford Stuyvesant and Greenpoint, saw a meteoric rise in rent prices, increasing by 63.9% and 63.1%, respectively.
According to the report, the surging housing prices in Brooklyn were part of a larger issue throughout New York City, as 26% of rental households in the city's metropolitan area were behind on their payments, which surpassed the national average of nearly 15% (as of June 2021).
“Housing costs in New York City and the surrounding suburbs have risen dramatically over the last decade,” said DiNapoli. “When we look at other major U.S. metropolitan areas, we see New York’s housing costs have grown at a greater rate. More than half of tenants in the city spend 30% of their income on rent, forcing them to make tough choices. City and state leaders recognize New York’s housing affordability problem but need to implement cost-effective solutions more quickly.”
