Meet Manhattan

Manhattans population is growing despite increasing rent according to
NY1 News.The latest estimates put the population at more than 1.6 million people, up slightly from the 2010 census.
Despite that rise, it’s no secret that its becoming increasingly difficult to find affordable places to live in the borough.

“Local residents who have been there for decades simply can’t afford—even middle class professionals—simply can’t afford some of this housing,” says Columbia Sociology Professor Van Tran. According to NYU’s Furman Center, in the last year alone, Manhattan lost nearly 3,000 rent-regulated apartments. In many cases, those stabilized, often affordable homes are being replaced by “market rate” units.

From 2002 to 2012, the number of stabilized or controlled apartments in the borough plunged more than 19 percent. The number of “market” rate and ultimately significantly more expensive apartments soared more than 19 percent.

For More Details, read the whole story here!

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