The Role of Urban Planning in Creating Affordable Apartments in the US and Japan
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Finding an affordable apartment to rent is challenging in both the US and Japan. In the US, over half of renters already pay more than 30% of their income towards rent. In dense Northeastern cities like New York and Boston, where building new housing is difficult, it is even harder to find affordable apartments. The rental vacancy rate in New York City has dropped to a record low of 1.4%, and in Boston, it was 2.6% at the end of last year. The availability of apartments is even tighter for lower-priced apartments, with 86% of households in New York City earning $25,000 or less being severely rent burdened . Expanding the housing supply is the main way to lower rents, but it is challenging in dense urban areas. The historically low vacancy rate in New York City highlights the need for more ...
#newstr #ApartmentRental #Affordability #UrbanPlanning #HousingSupply #MixeduseNeighborhoods