Housing crisis solution preferred by New Yorkers: rent stabilization and social housing, according to a recent survey
New York City's Housing Affordability Crisis Dominates 2026 Elections
New York City's housing affordability crisis continues to be a pressing issue, influencing candidate support for rent stabilization and public investments in social housing. A recent poll reveals that a majority of New Yorkers are deeply concerned about the issue, with 69% expressing a preference for candidates who back rent stabilization, and 68% favouring those who support public investments in social housing.
The high cost of housing, exacerbated by market trends and fiscal restraints, has become a significant factor in the city's political landscape. Candidates are responding to this crisis by advocating for policies aimed at addressing the issue. The city faces a looming budget gap, with a projected deficit of $4.2 billion for FY 2026, and expanding to nearly $10 billion by FY 2028, complicating the scope for public investment, including in housing subsidies and social housing programs.
Median asking prices in NYC remain high, with the median asking price in May 2025 at approximately $1.1 million, marking a 2.3% year-over-year increase. Experts predict a gradual cooling or slight price decline in housing values through 2026, but no significant drop, meaning affordability pressures will largely persist. Mortgage rates remain elevated, with forecasts of around 6.7% in late 2025 and only a slight easing to 6.1% by the end of 2026, further constraining affordability for buyers.
NYC's Mandatory Inclusionary Housing (MIH) program, which mandates affordability components in new developments, faces challenges. Affordability mandates work best only in neighborhoods with high market rents, stressing dependency on public subsidies and tax exemptions for economic feasibility. New housing supply constraints and zoning policies limit affordable housing growth, particularly in transit-rich, higher-density areas where demand and need are greatest.
Federal funding cuts to housing subsidies and proposed reductions in federal social program spending increase local financial burdens for housing support programs, impacting public investments in housing. These challenges underscore why housing affordability dominates the 2026 housing affordability debate in New York City.
The poll, conducted by Housing Justice For All and Data For Progress, involved 1067 New Yorkers and has a margin of error of 3 percentage points. The results indicate that a slight majority of 51% believe the best way to lower rents is to "limit how much landlords can hike rents and to invest public dollars in building more affordable housing." A primary win by Mamdani demonstrates the political power of tenants, and a new statewide tenant group aims to counter the real estate lobby.
Voters' concerns about housing affordability are influencing high-profile elections, as 26% of New Yorkers have considered leaving the state due to unaffordable housing costs. Furthermore, 64% of respondents believe that too many landlords raise rents unfairly and the state should step in to stop it. These findings underscore the importance of addressing housing affordability in the upcoming elections.
