The long-term vitality of New York City depends on the presence of working families and a vibrant middle class. The fact is, however, that we are not creating enough affordable housing to keep a significant population of working and middle-class residents. Unless we substantially increase our production of affordable units, New York will be a much poorer city in the long run.
Why? Because the tax base will erode as working households leave the city in search of affordable places to live. This revenue loss will make it more difficult to provide essential services and will place a greater tax burden on those who stay. Moreover, we will have a more polarized city, made up of the very rich and the very poor.
Read remainder of the story at Crain’s New York