2010 income and affordability study

Section 26-510(b) of the Rent Stabilization Law requires the Rent Guidelines Board (RGB) to consider relevant data from the current and projected cost of living indices and permits consideration of other measures of housing affordability in its deliberations. To assist the Board in meeting this obligation, the RGB research staff produces an annual Income and Affordability Study, which reports on housing affordability and tenant income in NewYork City's rental market. The study highlights year-to-year changes in many of the major economic factors affecting NewYork City's tenant population and takes into consideration a broad range of market forces and public policies affecting housing affordability. Such factors include NewYork City's overall economic condition--unemployment rate, wages, Consumer Price Index and Gross City Product, as well as the number of eviction proceedings and the impact of welfare reform and federal housing policies on rents and incomes.