New York City is experiencing a surge in wealth, with nearly 400,000 millionaires and a 45% increase in their numbers over the last decade. However, this influx makes living in the city increasingly unaffordable for middle-class families. Many, like the Dennis family, find six-figure incomes insufficient for decent housing, leading them to leave the city. A recent study shows that residents earning under $172,000 are primarily seeking affordable housing elsewhere. Mayor Eric Adams aims to address this through a construction initiative, but relief may take time.
"I was seeing things on the market for like $4,500 [monthly rent] if I wanted to stay, even in (Bedford-Stuyvesant). This is not Midtown that we're talking about, right?"
"In 2022, residents leaving NYC were most commonly earning under $172,000 a year. What's more, over a third of those leaving said they moved specifically in search of affordable housing."
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