According to a recent study, rents throughout Newark have risen by a third on average since last year — a rate of increase on par with the sizable jump in rents in New York City.
The rate of increase is on par with a jump in rents in New York City, where housing affordability in a city of renters has been a longstanding issue.
“These are not problems that happened a year ago, or two years ago,” said Baraka, speaking in front of a formerly derelict building that’s being converted into affordable housing. “These are problems that have existed in this city and major cities like Newark for decades.” Baraka, fresh of re-election to his third term, said the initiative will prioritize minority and female developers, who will create a third of the housing.
Newark is home to a majority renter population where median household income hovered just above $37,000 between 2016 and 2020, according to the most recently available
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