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Report cites NYC affordable housing woes

September 26, 2018 - 6:18 pm

NEW YORK (AP) -- A new report says the number of affordable apartments in New York City has dwindled over time, leaving working-class residents with fewer options in a city with ballooning rents.

The report compiled by New York City Comptroller Scott Stringer's office says the city's rental market has shifted to middle-class and luxury apartments.

The number of residences renting for more than $2,700 a month has increased by 238,000 over 12 years.

Meanwhile, the city has lost more than a million apartments renting for $900 or less.

According to The Wall Street Journal , the report also finds that the city added about 76,000 new rental units to the housing stock between 2005 and 2017. During that period, it lost more than 88,000 rent-stabilized apartments.