Leonard Grunstein has recently published a new op-ed in Republic 3.0. In the op-ed, Grunstein describes a potential solution to New York City’s lack of affordable housing.
Currently, residents making between 20-40k per year are spending about 40% of their income on rent – a significant increase over the past 15 years. Partially to blame for the increase in costs is the surge in luxury towers over middle-income housing – which has some believing that New York is in the midst of a luxury housing bubble. Another significant reason, as noted by Grunstein, is a lack of land available in the private sector at prices low enough to allow the creation of affordable housing.
Details can be found by clicking the full article, here.