The average price to buy a NYC home soared a whopping 77% during the nearly 11 years Andrew Cuomo was governor, while the cost to rent an apartment grew by 52%, according to a new report blaming the mayoral frontrunner for the Big Apple’s housing crisis.
The report prepared by fellow Democratic mayoral candidate Zellnor Myrie’s campaign, dubbed “Status Cuomo,” notes median sale prices in NYC skyrocketed from $440,000 during Cuomo’s first year as governor in 2011 to $780,000 during his first full year out of office in 2022, while median monthly rental costs over this period jumped from $2,300 to $3,500.
At the same time, NYC saw a 24% increase in job growth but built only 3% more housing — a likely factor in the city’s homeless shelter population rising by 41%, from roughly 37,000 in 2011 to 52,000 in 2022, adds the report, obtained by The Post before Myrie’s campaign is expected to release it Sunday.
“Andrew Cuomo had over a decade to fix New York’s housing crisis,” said Myrie, a Brooklyn-based state senator.
“Instead, rents skyrocketed, homelessness rose, housing supply fell short, and he failed to act. Now he wants to be the solution? Give me a break.”
Black and Asian New Yorkers saw their housing costs nearly double while Cuomo was governor, the report notes.
“Cuomo’s housing policies were bad for all New Yorkers, but they disproportionately harmed the same communities Cuomo is now asking for support from,” the report adds.
Prospective homeowners in Brooklyn and Bronx were hit the hardest, with median sale prices increasing by 104% in both boroughs. Staten Islander were hit the hardest in the rental market as monthly rents there jumped on average by 64%.
Things, however, have not improved under current state and city leadership.
Prices to own and rent in New York City have continued to increase citywide since Cuomo resigned in August 2021, according to numerous real estate studies.
Cuomo’s spokesman Rich Azzopardi ripped the report, saying “the city is in crisis, and New Yorkers will not be fooled by these games designed to paper over the senator’s lack of management experience and his paper-thin record.”
“Only one candidate in this race was Housing and Urban Development Secretary under President Clinton, helped create a model for fighting homelessness under Mayor Dinkins that was replicated around the nation, founded one of the largest organizations to help fight homelessness in his 30s and – as governor – launched a comprehensive program to finance 100,000 affordable housing units and 6,000 supportive housing units across New York. His name is Andrew Cuomo,” he added.
Read the full article here
