New York City is one of the most populated cities in the world. Hence, space is at a premium. Upscale areas in the city are amongst the most expensive in the world. This includes commercial buildings and residential houses. Most people in New York cannot afford to own their own houses or apartments. That’s the reason they either rent out apartments and houses or live across the Hudson River in neighbouring New Jersey from where they commute to work daily to New York. New York is considered the financial capital of America and the world. Most banks and financial houses have offices in the city.
The housing problem in the city has been solved to a large extent by the New York City Housing Authority. The housing authority has the objective of providing housing for below average and average income residents in the five boroughs of the city. The five boroughs of the city include Brooklyn, Bronx, Manhattan, Queens and Staten Island. The Public Housing Program consists of over 180,000 apartments spread across 345 developments in the city. The Housing Authority employs over 14000 people and serves approximately 175000 families and 415000 authorized residents. However there are over 140,000 people still waiting for housing by the Housing Authority and this number is exceeded to only grow as demand far exceeds the supply. Rent is only 30% of the family’s gross income.
New York City is home to some of the world’s richest and poorest people. The median income in Uptown Manhattan is estimated to be around $100000. Other areas such as Bronx and Brooklyn are not so affluent. Thus housing options vary greatly in terms of price and luxury throughout the city. The city offers everything from studio and one bedroom apartments to luxurious independent homes.