As I was going over the report on Income and Affordability Study, amongst the broad range of socioeconomic forces that influence public policies on housing affordability, one thing stood out the most to me: Homelessness.

In the past 20-or-so years, homelessness has been increasing tremendously in New York City. The report says that “NYC has the largest number of homeless people of any city in the nation”. The poverty rate of NYC is also higher than our nation’s poverty rate (20% vs 14.7% in 2015). These factors really emphasize to me the need for affordable housing in NYC and also justifies why rent-regulation plays an important role in NYC. Throughout this semester, we’ve looked at articles that explored the differing views on rent-regulation, and we’ve also analyzed criticisms (Peter Salins comes to mind) of regulation. While the effectiveness of regulation is controversial and divisive, the issue of homelessness remains a very real problem that our city experiences.

The report further states that we are seeing a “continuation of a very tight NYC housing market” and that throughout 2005 to 2015, the average rent-to-income ratio has increased, meaning that housing is becoming less and less affordable.

In light of all this, I think there is an imperative need to take all these factors into consideration when shaping our public policies on housing. With a growing shortage on housing, declining affordability, and increasing homelessness, I think NYC should ramp up its efforts to provide housing to those who need them the most.

Throughout all our class discussions on regulation, one of the biggest takeaways I have is that the lack of means-testing for rent-regulated apartments is a serious problem because it neglects those who are less fortunate. Apartments may not necessarily go to those who need them the most, and I think there needs to be an overhaul on our policies to ensure that affordable housing prioritizes the poor, the needy, and the homeless before everyone else.