New York City Has Less Housing for Residents of Average Pay, Report Says

The New York Times reports:

The number of New York City apartments considered affordable to hundreds of thousands of moderate-income households — with incomes like those of starting firefighters and police officers — plunged by 17 percent between 2002 and 2005, according to a new report by researchers at New York University.


The report, to be released today, for the first time puts hard numbers on a cost squeeze that has intensified with the real estate boom. The researchers found that the number of apartments affordable to households earning about $32,000 a year, or 80 percent of the median household income in the city, has dropped by 205,000 in just three years.

A rather miserable place to live if you aren't rich.Too bad 1 million people live in rent controlled apartments which limits supply.That's socialism for you.