What are New York’s large employers worrying about most this summer? Now that Mayor Adams is solidly focused on public safety and his NYPD Commissioner is making serious progress in the fight against crime, the next big issue on the minds of most business leaders is whether the young talent they depend on can still afford to live in New York City.
With average apartment rents in Brooklyn, Queens, and Manhattan at record highs in July — including over $5,000 in Manhattan — young professionals seeking to make the city their home are having a tough time, and this is worrying their bosses. For one thing, it keeps up the pressure to allow for remote work – not just work from home, but from other states or regions where housing costs are still manageable on a five-figure salary. For another, even with the 20% premium that is often paid for a job in New York City versus the same job in other parts of the country, the compensation a company can afford may not be enough to live on here, even with roommates.