A recent StreetEasy analysis of all types of rentals has shown that the median rent-to-income ratio averaged 65.2 percent in New York City in 2016.
Although lagging income growth contributes to rent affordability, the problem is the depletion of rent-stabilized apartments due to cooperatives, which have abolished a large population of rental units from the 1980's onward.
Renters in non-eviction conversions became undesirables from the perspective of co-op shareholders, who, aside from sponsors or investors, inflated the petty bourgeoisie.
Every city block became flooded with presidents of co-op boards, and the board, albeit elected, functioned as a Fascist political entity with a disfranchisement of citizens from state rent-stabilization protections.
Some landlords converted their buildings to co-ops, then bought back the units, only to rent them as sublets, immune from rent-stabilization guidelines and rent increase limitations. Likewise, shareholders capitalized by subletting their units.
Co-ops are the bane of NYC, and should be swiftly abolished.
Joseph N. Manago