New York State has the lowest homeownership rate of any state in the United States. According to The Real Deal, nearly 70% of New York City residents rent their homes rather than own them. The city’s housing policy infrastructure is overwhelmingly oriented toward rental housing, from low income housing tax credits to rent stabilization covering approximately one million apartments. The primary developer tax incentive, 485-x, is structured around rental units with affordability requirements. Meanwhile, the median price for homes sold in NYC in 2025 was $745,000, and $1.15 million in Manhattan. Programs originally created for affordable homeownership have been reshaped by policies prioritizing rental housing, and the SALT deduction cap has disproportionately impacted homeowners in high-tax states like New York.
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