New York City apartments have become a major source of controversy in recent years with increasing numbers of people being priced out of almost every area of the city as prices increase at a higher rate than inflation. In most cases, the chance to find an affordable apartment is completed with the assistance of a qualified and experienced real estate company like Town Real Estate. The City of New York recently announced the establishment of more than 20,000 new apartments targeted at those who work in low income occupations across the city and will provide affordable living options for more than 50,000 residents of the city that never sleeps.
The growth of the affordable housing market should have an effect on the entire NYC real estate market, which includes the arrival on the scene recently of the Town Real Estate company. Not including the newly completed 20,000 affordable apartments the city has recently announced the New York real estate market sees an availability rate of just two percent at any one time. This small percentage of available apartments and homes means Town Real Estate can be an invaluable source of information an assistance over the course of a hunt for an apartment.
Over the course of the year the number of individuals who are able to find a new apartment with the assistance of the New York City Government will steadily increase as the affordable homes program kicks into high gear. For most individuals classed as very low and low income groups this will mark the first time they will have been able to receive financing for a home of their own within New York City. This is the highest level of construction made available to the general public in New York since the 1970s and will make it simple for more New Yorkers to remain in the city and avoid large rent increases.