Rent On One Million Regulated Apartments in NYC Set to Increase

In the United States, over the last several years there has been a growing fiscal crisis in the nation. It is currently estimated that 60 percent or about 6 out of every 10 Americans are living on a week to week, paycheck to paycheck basis. Inflation has crushed the average working class citizen, and the cost of basic necessities like food, household items, energy bills and other expenditures have massively risen in cost. Indeed, even “cheap” options like fast food are no longer affordable, with prices of McDonalds items having increased in massive percentages in just 10 years since 2014. Even dollar stores no longer exist thanks to inflation- the popular outlet “Dollar Tree” not features prices of $1.25. Things are just not good in the United States for many people fiscally speaking. People continuously struggle to afford rent. In New York City, 1 million apartments that were rent-controlled (regulated), are set to increase by 2.75% after the Rent Guidelines Board approved this raise. This is bad news for many people living in cost sensitive areas and for lower income families in the city that were already struggling to simply keep the lights on. 

The national rent crisis isn’t just limited to New York City. Americans everywhere are suffering. According to a recent article by USA today, experts claim that people who deal with chronic rises in rents lead to chronic stress, headache disorders, heart disease and other negative health implications

While rent rates continue to soar everywhere, Americans all over the nation continue to struggle with home ownership affordability as well. U.S. home prices hit another record high in early summer 2024, and housing prices, interest rates, and mortgage payments on average have risen so exorbitantly since prior to the 2020 pandemic that people who make around the median national income in the country no longer can afford a basic home. America is in trouble economically, socially, and politically.