Report: Working poor, middle class feel the pinch as NYC rents r - New York News

Report: Working poor, middle class feel the pinch as NYC rents rise

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NEW YORK (MYFOXNY) -

Expensive rent in New York City is not surprising. But a new study shows just how unaffordable it has become. In the last 12 years rent has gone up 75 percent, all while many New Yorkers are making less and less money.

Brooklyn resident Marissa Franco is right in the middle of a growing housing gap in New York City. The price of her rent just keeps going up.

"In New York we have people coming from all over the world who want to live here so with all that money pouring in the rents are just going to rise higher than anywhere else in the country," says Lauren Lyons Cole, a financial expert.

A report from Comptroller Scott Stringer details data from 2000 to 2012. It states that the working poor, making less than $40,000 a year, are seeing the harshest consequences.

The report found trendy neighborhoods Williamsburg, Greenpoint, and Fort Greene in Brooklyn saw some of the sharpest rent increases. Stringer's report says the crunch is occurring despite significant affordable housing investments from former Mayor Mike Bloomberg. It calls on Mayor Bill de Blasio to do more.

The mayor has promised to create 200,000 affordable housing units. He is expected to make a housing proposal in May.

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