Percentage of Income Spent on Rent Increases
Wednesday, April 30, 2008
New York, NY –
More New Yorkers are spending half their income on rent. That's according to a report from Democratic Congressman Anthony Weiner.
REPORTER: He used federal census data to show that nearly one in three renters are spending 50 percent or more on housing -- about 15 percent more than in 1999. Speaking on the Brian Lehrer Show this morning, Weiner says the city's housing boom is not benefiting renters.
WEINER: One of the things that's happened is that as buildings are being built they are disproportionally built as condos and co-ops in the last several years. Those values go through the roof.
REPORTER: Staten Island has seen the biggest jump in people carrying this rent burden but the Bronx is where the highest percentage of residents pay at least half of their income on rent.