New Yorkers love to complain about rent increases, but according to a new report, their arguments aren't without merit. A new housing affordability report from Comptroller Thomas DiNapoli shows that more than 50 percent of New York state residents are paying rent above their affordability level.
In 2012, more than 25 percent of rental households paid rents at or above their total household income, which the Census Bureau classifies as "severely housing-cost burdened." According to federal guidelines, housing is considered unaffordable when it consumes more than 30 percent of household income.
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