Part 3/8:
The divergence between rising rent prices and stagnant wages compounds the problem. A recent survey highlighted that median rental prices in New York have surged by 18% since 2019, while incomes have lagged behind, only increasing by just over 11%. This gap implies a critical shortage of affordable rentals, trapping individuals in precarious financial positions. To make matters worse, basic needs such as groceries have also seen steep price increases, causing humanitarian concerns like food insecurity.