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Financial formula lacking: There isn't much 'affordable' housing in New York
The reality of "affordable" housing is changing in New York, and advocates for renters' rights argued it is time for an update.
For years, affordable housing has been defined by the U.S. Department of Housing and Urban Development as 30% of a person's gross income, including utilities. But the combination of higher prices, recent inflation and stagnant wages has been eroding this formula.
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By FL1 NewsThe reality of "affordable" housing is changing in New York, and advocates for renters' rights argued it is time for an update.
For years, affordable housing has been defined by the U.S. Department of Housing and Urban Development as 30% of a person's gross income, including utilities. But the combination of higher prices, recent inflation and stagnant wages has been eroding this formula.