The following editorial by Robert Rhodes appeared in The Journal News December 31, 2018
Our housing market is broken. Improving economic conditions have not led to the construction of affordable housing. The cost of two-bedroom apartments in Manhattan went up by 30 percent in 2016 and the outer boroughs were not far behind.
As rents have increased the marginal middle class is moving down into less desirable housing and paying more and more money for housing while competing with poorer families. This is what happens when more money chases the fixed supply of an essential product. [Read more…]