A land of four-figure rents and homes that easily costs seven figures, New York City's white-hot real estate and rental prices have recently shown signs of moderating.
Unfortunately, the cooler market is unlikely to stave off another crisis already gripping the city: A homeless population that recently skyrocketed to a record high above 60,000 — bedeviling the efforts of city policymakers and advocates who are trying to alleviate the problem.
New York City's Department of Homeless Services is certainly throwing lots of money at the problem, but with little immediate result. For fiscal 2016, the agency saw a 20 percent boost in its budget, to more than $1.3 billion.
According to experts, the surge in homelessness is converging with another problematic yet all too familiar trend: A lack of affordable housing in one of the most expensive places in the world to live.
The construction boom rapidly transforming New York City's skyline and gentrifying its neighborhoods has done little to quell the demand for reasonably priced apartments. From 1994 to 2012, there was a net loss of about 150,000 rent-stabilized units, according to data from New York's Rent Guidelines Board.