Inflation and the pandemic have led to skyrocketing rents in NYC. Many locals are being priced out of the market, while evictions and homelessness are on the rise. But people are starting to take a stand.

Inflation across the developed world is surging, with the rising cost of living expenses at the highest level since the 1980s.

Global Inflation Concerns

New York's surging rent problem

Cansado de cemento. The will to protect his family's home. Get Fabian Bravo a voice, he's fighting back against the looming. Rent increase, they would send us tenants out into the street where no Fairlife is possible. for tens of thousands life on the streets is already a reality homelessness in New York is the highest it has been in almost a hundred years, the main cause to little affordable housing, Average, rent prices are up by a third compared to 2021 and still are evictions. Sam chandan specializes in real estate Finance. He says that the end of the pandemic is forcing up prices for more space and as a result of that, you're out of a desire to have more space spending more time at home. That really putting a lot of pressure on the rental market rents increasing fairly rapidly over the course of the last nine to 12 months together. With a 40-year inflation, high are putting many New Yorkers in a bind. What we see, is that income, constrained families are inevitably the most impacted. They are, having to make a really tough choices. Families are in some cases, having to spend less on education food, clothing. In the kitchen, the Fabian Bravo, and his family. These choices are a daily reality. Nora Bravo works as a housekeeper 7 days a week. She worries because food prices are biting into their budget which you can before he scores, 199 lb. Now it goes tonight is on the phone. So we have to change little bit before we buy like two more chicken. We buy, only one. So we are as this way. So now we buy more bass to cucumbers strawberry. We looking for the day of the family of five is crammed into a three-bedroom apartment in Brooklyn, the building, they live in this designed to be affordable. Only the city can decide to raise their rent, the increase propose. This year would come to about $70 a month 17 year old Samantha has to help shoulder that extra cost. She's graduating high school this week and already has a job lined up. I feel kind of A grown up because usually like it's more less or like the adults that like pay for the rent and I feel like I have more responsibility to make sure that I call my life, my family can stay in the apartment, had a work injury, a few years ago and has been unemployed ever. Since he doesn't want his daughter to have to pay for rent with money. She could use for her tuition. I see that one of my dreams, if I don't speak out, if I don't raise my voice, who will give him other than that, I would have to do it for my kids and for my family. With rent outpacing income throughout New York. It's not just low-income tenants who feel sticker shock. New York City and my rent by $2,000 and up $2,000 from 3,000 to 5000. Okay, I got a couple people don't believe me. Why would I lie about this? I just want to move to New York. And year ago for her marketing job, she was sharing an apartment with a friend. When they're red rose by $1,000 per person about how I was just completely unreasonable and not something that I felt comfortable doing. Like I could technically I couldn't do it, but I would have to like never go out anymore and reduce my 401k and it's those are things that I just like to do living room area, you know piece, $300 for her new apartment, it's slightly more expensive than the old one, but she also feels the space is an upgrade We watch The Bachelor here, I just feel really fortunate. Like I know that there are so many other people who had a rent increase and are not in my situation where they could afford and even decrease that I ended up taking or, you know, had to move elsewhere or even worse. You know, put in a really dire financial situation for Fabian, Bravo moving would be too expensive. So he's fighting to be able to stay. It's at the appointed board decides on any increase in his rent by making his case to them. He hopes to keep his Home Affordable. When is good evening, everyone? My name is Fabian. He tells the board about his debt worries. He says that inflation is making his family anxious and he ends on a plea. Keep the rent increase at 0%. 2 days after his speech, the board decided on the highest rent increase in almost a decade. It will take 1 million apartments in New York. But for Fabian Bravo, the fight for affordable housing isn't over.

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Global Inflation Concerns