ALBANY- According to a recent report released by State Comptroller Tom DiNapoli, one in five New York households are experiencing a severe cost burden of more than half of their household income going to housing. The report also revealed that almost three million households in the state are dealing with housing costs that consume more than 30 percent of their household income.
“For too many New Yorkers, finding and keeping an adequate and affordable place to live has become more and more difficult,” said DiNapoli. “Rising costs are stretching household budgets and forcing trade-offs with other essentials, like food and health care.”
The report says that New York consistently ranks as one of the states with the highest cost burden and that several factors affect cost burden, including the availability of housing at a variety of price points. Between 2012 and 2022, New York added 462,000 housing units, an increase of 5.7 percent which was far below other states, with New York ranking 32nd in the nation.
DiNapoli is calling for increased federal assistance including an increase in the number of housing vouchers and low income housing tax credits routed to the state. He also recommends investing in Governor Hochul’s “pro-housing” community program that will provide financial incentives to localities that meet new housing construction goals.
“The consequences of housing insecurity are wide-ranging and while low-income renters are the most cost-burdened, these financial pressures are increasingly felt by middle class households,” DiNapoli said. “Action is needed by all levels of government.”
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