Written by By Seneviratne Chatterjee, CNN
New York City’s central location and high tourist density has made it a destination for visitors worldwide. But recent high prices and fear of rent increases could be taking a toll on its economy.
The average rent in New York City jumped 22% since 2000 and has now reached an all-time high of $3,347 in June 2017. Meanwhile, new construction projects have failed to keep up with New York’s fast-growing population.
During a speech this year, New York City Mayor Bill de Blasio announced a move to make the city’s tallest buildings and iconic skyscrapers more affordable.
Among other measures, he plans to make room for much more affordable housing through the Future City project, which aims to build three-quarters of the 800,000 new units in the city that have been promised.
CNN followed the plans as they were being implemented through one project, the Brooklyn Navy Yard, where three “parklets” — popular sites that become gathering spots for visitors — were added to the site.