According to the report, stagnating wages, which over the last 20 years have only increased by 15% when accounting for inflation, are at least partially to blame for the housing crisis. Another problem is that for the first time in decades, more people are moving into New York than are leaving. That means demand is increasing faster than supply, which in turn sends prices skyrocketing.
The report reveals that it should cost about $41.4 billion to build and preserve all the new housing. De Blasio hopes that most of that money — about $30 billion — will come from private developers.
The rest will come from the government, with the city kicking in $8.2 billion and state and federal monies adding up to about $2.9 billion.
If the plan works it could reshape the city, creating new high-density development and lower rents. Still, de Blasio faces a daunting task; New York consistently ranks at the top of expensive cities lists.
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