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New York City’s housing market has been in a state of perpetual crisis, real or perceived, for much of the twentieth century. Following World War II, the New York State Legislature justified the continuation of rent regulation by declaring that the city faced a housing emergency. This declaration of emergency remains in place more than a half-century later. Despite the construction of over 1.07 million units of housing since the war, the rental vacancy rate in 1996 was only 4 percent. Low vacancy rates impede mobility and contribute to housing prices that are beyond the reach of many New Yorkers. Despite enormous improvements in the quality of New York City housing over the past three decades, a substantial proportion of low- and moderate-income residents still live in substandard housing or pay rents that are beyond their means. An additional segment of the population have no homes at all. (Author)
Albany, NY
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