Most city officials and builders agree affordable housing is a widespread issue in New York City. The average monthly rent is $2,629, and housing eats up 63.1 percent of workers’ wages, according to a recent study from the Global Cities Business Alliance.
- The analysis shows 98 percent of designated affordable housing projects used some form of property tax benefit in 2014, though not necessarily 421-a.
- Over 50 percent of affordable housing units used 421-a in 2014, specifically.
- In Manhattan, over 78 percent of affordable housing projects used 421-a between 2014 and 2015.
- Nearly 55 percent of the 68 affordable housing projects used 421-a in Brooklyn in 2014.