Report shows affordable housing in NYC dwindling

NEW YORK (AP) — A new report says the number of affordable apartments in New York City has dwindled over time, leaving working-class residents with fewer options in a city with ballooning rents. (See correction appended below.)

The report compiled by New York City Comptroller Scott Stringer's office says the city's rental market has shifted to middle-class and luxury apartments.

The number of residences renting for more than $2,700 a month has increased by 238,000 over 12 years.

Meanwhile, the city has lost more than 425,000 apartments renting for $900 or less.

According to The Wall Street Journal, the report also finds that the city added about 76,000 new rental units to the housing stock between 2005 and 2017. During that period, it lost more than 88,000 rent-stabilized apartments.

CORRECTION: In a Sept. 26 story about housing, The Associated Press, relying on data from the New York City comptroller's office, misstated the number of affordable apartments that have disappeared in the city between 2005 and 2017. The comptroller's office has since revised its data, saying that 425,492 apartments renting for $900 or less vanished, not 1 million.