New York City is the midst of a housing affordability crisis. Over the last decade, average rents have climbed 15% while the income of renters has increased only 2%. The city’s renaissance since the 1990's has drawn thousands of new residents; today, the population of 8.5 million people is the highest it has ever been. But New Yorkers are finding that the benefits of city living are not without its costs. The demand for housing has outstripped the real estate community’s ability to supply it; as a result, prices have been rising.
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