Apr
30
Blog post- Housing and Income Inequality Reaction
April 30, 2015 | Leave a Comment
From multi-million dollar gigantic skyscrapers that tower over everything else to government projects, the issue of housing and property is an issue that runs deep under the umbrella topic of income inequality. The video presentation we watched today about Housing and Income Inequality raised a lot of interesting facts as well as speculations and points of discussion for this issue as it pertains to New York City.
One part that I found interested was the fact that 2/3 of NYC residents rent their homes. It makes sense why topics like rent control and the threat of gentrification is such a debated issue in the city as the majority of NYC residents depend on reasonable rates to stay afloat. Not surprisingly, according to the graph shown in the video, the disparity between rental expense and the median income of renters is increasing to a point where only the richest of the rich will be able to afford to live here.
With rents increasing at an astonishing rate throughout NYC, another part that I found interesting was the fact that the only borough where the median rent did not increase was Staten Island. Instead of increasing it actually decreased. The only reason that I can think of of why it may have decreased is because of it’s more distant association with NYC when compared to the other 4 boroughs and that it does not generate the type of “urban pull” that is drawing people to want to live in NYC. When I think of Staten Island, I generally associate it more with suburban New Jersey or Long Island than NYC.
Despite this slight decrease, it is no secret that the rents are rising. Looking at the bar graph in the video of Rent-Burdened households by income, it almost made me feel a little disappointed how since 2000-2012 the burden has only increased for the poorest New Yorkers and richest are relatively unaffected. It seems as if the the city is intentionally trying to push out poorer and middle class residents. Part of me also felt somewhat guilty that some people are struggling so much to pay their rents. Up until only a few years ago before my family bought a house, we too were in the same position as many of these families today. This topic really resonated with me because my family could relate to how some of these people feel.
After watching this video, it raised a lot of points about the connection between housing and income inequality. I thought the video was well made and provided a lot of facts about the current situation with rising rents in NYC that were relevant and highlighted the seriousness of the situation. It was both informative and enjoyable to watch. The policies that the video proposes to help regulate the issue of housing in NYC were also relevant. Although I felt some of them were a little optimistic though, I still have hope that they can help alleviate the situation and provide better and more housing to all new york city residents and not just the richest of the rich .
