Your Income Must Be 40 Times The Rent, Or Else…

for-rent
A LOT of New York City landlords are requiring that potential renters have an annual income that is 40 times the monthly rent. This is a grossly unreasonable request.

According to this standard, for an apartment that rents for $1,500, the required annual income is $60,000. For an apartment that rents for $2,000 a month, the required annual income is $80,000. Meanwhile, according to New York City census data, the annual median income for Brooklyn residents is $44,850. The annual median income for Queens residents is $54,373. How can New Yorkers possibly afford to live in this city? How can the average New Yorker possibly meet this kind of standard?

The rental requirements are exorbitant and ridiculous. I hope this trend of too-high rents, and extra-picky rental requirements stops soon. Soon, there won’t be anymore “working people” able to afford to work and live in the city. What will happen then?

-The Homeless New Yorker

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Homeless New Yorker Stat Of The Day: 4/27/16

HMLS New Yorker

According to a study cited by the New York Daily News in an article from September 2015, it is impossible for a minimum wage worker to afford the rent in any New York City neighborhood. The study states that “A New Yorker would need to make at least $38.80 an hour (more than four times the current minimum wage) to afford the city’s median rent of $2,690.”

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