Affordable housing is a significant concern on Long Island with increasing numbers of young people and seniors being forced to leave the area due to lack of housing options. As housing costs represent a growing share of the household budget on Long Island, housing affordability becomes a drain on the regional economy, becoming increasingly difficult for employers to attract and retain high-quality and highly skilled workers. While 67% of those aged 18-34 rate Long Island as an excellent or good place to live, 64% consider it likely that they’ll move within the next five years because of a lack of affordable housing.
Our communities must evolve to meet this challenge. Housing developments with increased density can build and strengthen our downtown areas. Inclusionary zoning will provide greater housing opportunities and share the burden and the opportunity of supporting the next generation. We understand the implications and the changes that take place with increased density but Long Island is changing and is not the same suburb it once was.
Some quick LI housing facts:
- Households paying more than 35% of their income for housing rose from 27% in 2000 to 38% in 2009.
- Today, homes cost five times the average household income. Two times the recommended threshold.
- One in five residents spends more than half of their income on housing.
- 6 in 10 say that lack of affordable housing is a very or extremely serious problem, and 50% say that they have trouble paying their rent or mortgage.