New York City’s next mayor must lead the recovery from the coronavirus pandemic while tackling contentious issues like police accountability, homelessness and educational equity
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While apartment rents have dropped in New York City since the pandemic began, essential workers haven’t significantly benefited from them, according to a new report from the real estate website StreetEasy.
The biggest rent drops happened in areas where the majority of essential workers don’t live but higher income earners do, such as Manhattan and waterfront neighborhoods in Brooklyn and Queens. Though the study found that more apartments affordable to low-wage workers also became available, those listings still make up a tiny portion of available rentals on StreetEasy.
“That really highlights the tale-of-two-cities narrative, where we re seeing unequal rents falling across the city,” Nancy Wu, an economist at StreetEasy, told Gothamist/WNYC. “There s been some help to rent affordability in terms of making more apartments available, but it s not nearly enough to offset the rent burden that many essential workers face.”
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