More than a third of New Yorkers say the soaring cost of living is forcing them to consider leaving the Big Apple as rent control laws and zoning restrictions drive housing prices up.
A recent survey found that 34% of residents are actively considering leaving the city, while an additional 32% are open to moving. Additionally, 41% found living in New York was “much more” expensive than anywhere else, 43% were very concerned about their ability to afford living in New York, and 30% indicated they were fairly concerned about the cost of living.
The report comes as New York has already faced a significant decline in its population. Between April 2020 and July 2023, the state lost 6.2% of its residents.
Rising housing costs are one of the primary factors pushing New Yorkers to move out of the Big Apple.
According to RentCafe, the price of housing in New York is 80% higher than the national average. Meanwhile, its overall cost of living is 27% higher than the rest of the country.
Some experts say New York’s strict rent control laws are contributing to its housing crisis.
New York’s rent stabilization laws have been in place since 1969, controlling more than 1 million units in the city.
Rent control advocates say the laws shield low-income tenants from dislocation and radical changes in costs. Opponents of rent control policies argue that keeping prices artificially low for a few drives up prices for the majority of residents, making it difficult for landlords to cover the costs of housing while reducing incentives for developers to build new housing units.
“Once rent control is applied, ‘excess demand caused by the controls spills over into the uncontrolled sector and increases rents,’ in New York that meant rents went up as much as 25 %,” wrote Roger Valdez, director of the Center for Housing Economics.
The U.S. Supreme Court has repeatedly declined to hear challenges to New York City’s rental control laws, most recently rejecting an appeal in February.
New York is also home to some of the country’s most restrictive zoning laws, which some experts say reduce the supply of housing and drive artificially high housing prices.
Congressional Republicans have their own take on New York’s cost of living crisis. In a statement to the Washington Examiner, Rep. Elise Stefanik (R-NY) blamed Democrats’ policies for fueling the Big Apple’s decline.
“New Yorkers are rightfully fed up with the failed far-left Democrat policies that have made the Big Apple and the state unlivable,” Stefanik told the Washington Examiner.
“At every opportunity, radical New York Democrats led by Kathy Hochul and Eric Adams have put the needs of New Yorkers last, prioritizing progressive wish list items such as enabling the surge of illegal immigrants, and fostering the crime crisis with pro-criminal policies, all while raising taxes,” she said. “After years of failed leadership at the hands of far-left New York Democrats, New Yorkers have had enough.”
Rep. Mike Lawler (R-NY) shared similar sentiments with the Washington Examiner.
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“New York leading the nation in outmigration has nothing to do with the weather and everything to do with the high taxes and skyrocketing cost of living in our state,” Lawler said. “I’m going to keep fighting to get New Yorkers the relief they need — from lifting the SALT cap, to reducing inflationary spending, to lowering energy costs, to securing our border so we can end the migrant crisis overwhelming our state. Albany and New York City need to wake up, realize how much damage their policies are causing, and work with us to fix this mess.”
Lawler recently announced his reelection campaign to New York’s 17th Congressional District, launching one of the state’s most closely watched races as Republicans look to hold their 2022 gains and protect the GOP’s razor-thin majority in the House of Representatives.
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