Rising Rent in New York City Essay

Rising Rent in New York City Essay

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Various individuals visualize New York City as a place that any person would love to live in, but what many do not to realize is the fact that the city has a continuously growing homeless population because of the rising cost to live within the city. Individuals in New York City are living in a time where not even a job may entirely support his/her daily finances.
New York City is not only a tourist attraction, but considered one of the most expensive cities in the world to fund because of its superb security, overall popularity, and partly its dependence on Wall Street to pay high income taxes to fund social programs, such as those who help homeless individuals and low-income residents. Ever since Bloomberg's re-election in 2005 he warned New Yorker's that because of a gaping budget deficit the city may have to raise property tax and state tax. The only people who struggle the most from increasing taxes are those who are barely able to pay rent and other expenses, such as utilities bills. One of the reasons why increasing taxes affect individuals is because as property taxes rise the property owner has to spend more, which means his/her profits may be affected, thus increasing the rent of tenants (the most current increase was 4% in one-year leases and 7.25% in two-year leases). In the other hand residents that currently live in homeless shelters have fewer chances of finding an affordable apartment even if he/she obtains a job (Most of the jobs homeless shelters refuges receive are low-paying jobs).
Pedro Vasquez a Bronx, New York native previously worked in a construction contracting firm and the least thing he expected was to consider himself a homeless person. Mr. Vasquez was laid off and was sadly unable to keep up with...

... middle of paper ...

...se your obligations will get you evicted.

Works Cited

Saul, Michael H. "New York City Leads Jump in Homeless." WSJ.com. Dow Jones, 4 May 2013. Web. 25 Dec. 2013.
Barbanel, Josh. "Panel Approves Rent Increase for New York's Rent-Regulated Apartments." WSJ.com. Dow Jones, 20 June 2013. Web. 25 Nov. 2013.
Barro, Josh. "DEAR NEW YORKERS: Here's Why Your Rent Is So Ridiculously High." Business Insider. N.p., 09 July 2013. Web. 25 Nov. 2013.
Park, Jung M., Angela R. Fertig, and Paul D. Allison. "Physical and Mental Health, Cognitive Development, and Health Care Use by Housing Status of Low-Income Young Children in 20 American Cities: A Prospective Cohort Study." Macfound.org. American Public Health Association, Dec. 2011. Web. 30 Nov. 2013.
Dawsey, Josh. "Apartments Rise as Shelter Option in New York City." WSJ.com. Dow Jones, 12 Sept. 2013. Web. 25 Nov. 2013.

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