The recovery from the recession has been slow. From 1992 to 1995 New York City added approximately 40,000 jobs, a small fraction of the employment lost in previous years. Without data from the forthcoming 1996 New York City Housing and Vacancy Survey it is impossible to gauge changes in tenant income and housing affordability with any great precision. Even so, the available evidence does indicate an improvement in household income since 1992. This improvement in tenants' welfare is consistent with recent Income and Expense studies showing increases in rent collections.
More current data seem to point to accelerating economic growth in the local economy.
The City had 31,000 more jobs in June of 1996 than in June, 1995. The increase in private sector employment was impressive given continued cutbacks of public sector jobs. Unfortunately, for the minority of tenants on the bottom rung of the economic ladder conditions are probably worse. Thus, most of the variation in the core rate has been due to changes in the rate of increase in real estate taxes. Data received after completion of the Income and Affordability Study confirm accelerating economic growth.