Austin Briffa
The Problem of Gentrification: A Policy Brief
It is with great concern and urgency that I address the issue of gentrification to you and your cabinet. According to the New York Department of City Planning, your city is projected to grow from its current 8.55 million person-population to 9.03 million in 2040, an increase of about 8.9%. All five boroughs are experiencing varying levels of growth, and although these percentages are lower than in the past, the population will still continue to increase. The population level between 2010-2020 – a timespan which is coming to an end in just three years - is expected to increase by 3.7%. Coinciding with this growth is an increase in gentrification: according to the NYU Furman Center, of the 22 neighborhoods considered low-income in the 1900’s, 15 are gentrifying, with rents 22.1% higher than those in 2010. …show more content…
In short, gentrification is the renewal of a property accompanied by an influx of people who are affluent relative to the locality’s current residents. The elements of gentrification within New York City stemmed during the 1900s, specifically when urban job growth and coincided with a lagging house production. According to a report published by policylink.org, an average of 13,500 units are produced annually, but it is estimated that the city needs between 250,000 and 500,000 units to meet housing demand. This problem is exacerbated by a decrease in public investment in local housing – the same study shows that New York City is down 72% from its 1989 pinnacle. Furthermore, the average income of New Yorkers has not kept pace with rising housing costs: according to the New York Times, New York City has the highest living costs in the country for families. One bedroom apartments in New York rent for $2848 a month on average and two bedroom apartment rents average $3631, with the median household income standing at
The Problem of Gentrification: A Policy Brief
It is with great concern and urgency that I address the issue of gentrification to you and your cabinet. According to the New York Department of City Planning, your city is projected to grow from its current 8.55 million person-population to 9.03 million in 2040, an increase of about 8.9%. All five boroughs are experiencing varying levels of growth, and although these percentages are lower than in the past, the population will still continue to increase. The population level between 2010-2020 – a timespan which is coming to an end in just three years - is expected to increase by 3.7%. Coinciding with this growth is an increase in gentrification: according to the NYU Furman Center, of the 22 neighborhoods considered low-income in the 1900’s, 15 are gentrifying, with rents 22.1% higher than those in 2010. …show more content…
In short, gentrification is the renewal of a property accompanied by an influx of people who are affluent relative to the locality’s current residents. The elements of gentrification within New York City stemmed during the 1900s, specifically when urban job growth and coincided with a lagging house production. According to a report published by policylink.org, an average of 13,500 units are produced annually, but it is estimated that the city needs between 250,000 and 500,000 units to meet housing demand. This problem is exacerbated by a decrease in public investment in local housing – the same study shows that New York City is down 72% from its 1989 pinnacle. Furthermore, the average income of New Yorkers has not kept pace with rising housing costs: according to the New York Times, New York City has the highest living costs in the country for families. One bedroom apartments in New York rent for $2848 a month on average and two bedroom apartment rents average $3631, with the median household income standing at