Rents Are Roaring Back in New York City
The New York Times
While rents plunged at the start of the pandemic, they are now surging, and the increase is double the national rate, amplifying the city’s affordability crisis.
Gabbie Fried, an actor and comedy writer, had lived in New York City for 10 years and had never been able to afford her own place. Then, last February, she found a one-bedroom apartment she liked on the Upper West Side. At $1,945 per month, it was tantalizingly close to her price range — she moved in.
Ms. Fried, 27, knew that a pandemic rebound was driving up housing costs and expected her rent would increase when her lease ended at the end of March. But when she learned what she would have to pay, she was floored.
“When I got home and opened that letter, saw an $800 increase, I had an absolute breakdown because I absolutely cannot afford that,” she said. She is moving out.
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