Mamdani's Affordability Agenda Flops As NYC Rents Surge To Record Highs
New York City's socialist mayor, Zohran Mamdani, and his radical-left lieutenants in City Hall promised voters free bus rides, government-run grocery stores, cheap housing, and much more. Yet the dream of a left-wing utopia has not materialized. In fact, rents in the NYC metro area just hit a record high.
New data from The Corcoran Group, a major residential real estate brokerage founded in NYC, shows that rents in the metro area have climbed to a new record high.
Manhattan's median rent rose 8% from a year earlier to $5,295, while Brooklyn reached $4,350, also up 8%, according to the report. Manhattan's vacancy rate narrowed to 1.49%. In Queens, Rego Park posted particularly sharp increases, with one-bedroom rents up 12% and studio rents up more than 20%.
"Manhattan renters are chasing a shrinking pool of available apartments, and the result has become predictable — record rents. Available listings dropped 16% year-over-year in June, while the borough's median rent climbed to a new high of $5,295 . Leasing activity clocked in 7% below last year's pace due to the lack of inventory, ...
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