High rents are hitting middle class New Yorkers harder than anywhere else in the country.
Middle-income renters, defined as those earning between $35,000 and $75,000 annually, face the most pressure in Manhattan, where 45% pay rent that is officially "unaffordable." But even those living in less expensive Staten Island and Queens aren't much better off. There, 44% of middle-class residents in both boroughs shoulder unaffordable housing costs.battle w/ Verizon after 13-month negotiation. Read the statement from the CWA.
According to the study, 30% of New Yorkers devote more than half their income to rent alone. The high cost of living here is threatening to drive the middle class out of the city, Mr. Liu said.
More @ Crain's NY: Verizon reaches a tentative contract
Good Read: WNYC looks at New York's 47%.
Elsewhere: Profiting from Climate Change: Oil companies rush to the arctic to drill as glaciers melt.