June 9 2016
SUBJECT: Proposal for Reduced/Subsidized Rent for NYC Citizens age 18-30
FROM: Group 3
TO: General Public
Good afternoon to all New York citizens who may come across and read this memo. Our team here at Group 3 has come together to discuss an extremely pressing issue that plagues New York residents everywhere and may potentially impact our future in negative ways. This issue has been plaguing our society for the past two generations and is a major topic of debate for people, young and old. The problem that we’re discussing is the increase in housing rates all across the city of New York. These rates are incredibly extreme, leaving most people just starting out their careers unable to find a home for themselves until way later on in adulthood. This issue not only impacts younger people, but also our economy, as less living space for younger people is becoming a growing issue, and fewer opportunities for growth in our city could potentially arise.
My team and I have come to a very clear conclusion: I want to push for either reduced or subsidized housing costs for all New York citizens aged 18 to 30. With these reduced living costs, citizens just starting out can finally find stability in our cities, making an impact for a better tomorrow.
Recent reports show that a single adult needs to earn about $158,000 to live comfortably in New York City, with income rates of the common New York citizen being around half that, at $80,000. This extreme and almost extraordinary lifestyle demand can be attributed mainly to the fact that rent prices have gone up by incredibly drastic amounts, with New York City losing over 608,000 units renting for less than $1,500 a month, as well as gaining an astounding 431,000 units renting for more than $2.3K (adjusted for inflation). This horrific disparity in living costs impacts the younger generation heavily, with almost 1.2 million Millennials and 2.2 million Gen Z still living with their families.
These conditions can affect our younger citizens mentally and financially, as well as stifle their ability to take advantage of real opportunities and revolutionize our city. A peer reviewed study published in the Housing Policy Debate discusses that housing affordability can delay important milestones such as moving out and starting families.It is commonly said that “our children arethe future.” However, how can our citizens build that future if almost everything they’re working towards goes toward only a fraction of their living costs?
The only way we as citizens can foster that growth while still attending to the rising costs is by having our government give younger citizens, particularly between the ages of 18 and 30, reduced or subsidized rent, either through public funds or extra taxes, so they can focus more on growth and less on the ever rising costs of living in the U.S., especially New York City.
This proposal, in our eyes, is very effective, as it takes into account three things: addressing rising rent affordability, allowing citizens to build their lives at younger ages, and contributing to the overall ecosystem of New York City. With over half of Gen Z either working or going to school, it’s extremely telling what kind of population we’re dealing with when we’re looking at this demographic. Gen Z is a very promising generation, with their median earnings projected to be $120K with only one source of income, clearing the gap in lifestyles our growing New Yorkers are facing. With Gen Z having an average credit score of over 700, it would be safe to say that investing in the younger generation will see massive returns on the investment.
Contributing 10% to all labor income in NYC, whilst only owning about 1 to 3%, Gen Z and citizens aged 18-30 have no opportunities to have an accurate standing in today’s economic climate. With reduced subsidized rent rates, we can give back to the young people in this city and actually give them a fighting chance so that, when they take up more of our city’s economy, they’ll be more capable and understanding of the responsibility passed down by the older generation.
These reduced rates not only help the younger generation, but also help our future doctors, engineers, as well as politicians by helping them nurture their lives and the economy led by our forefathers, and helping them change the world in meaningful ways.
AI Use Disclosure
I used Opus 4.8 to aid in the research process for gathering sources for this assignment. I reviewed all AI generated content for accuracy and take full responsibility for the final work.
