New York City, NY

Living Expenses in NYC to Rise Even Higher?

Riley Blue
Photo by Emily Xie on Unsplash

Living expenses at New York City, in general, have been soaring through the years, with the ever-increasing gap between what separates the elites from those who strive to get there. The current cost of house purchases and housing rents have spiked all-time charts, and for an electoral candidate who represents the entirety of the present economy, Mayoral candidates Ray McGuire and Shaun Donovan were off the mark by a large distance with their estimates.

The pair of Democratic candidates, comprising of a former Citigroup executive (McGuire) and an ex-secretary of housing and development under the Obama administration (Donovan), downright underestimated the median cost of housing on an interview with The New York Times editorial board at Brooklyn on Tuesday. When asked, McGuire’s approximation of middle figures ranged from $80,000 to $90,000, where Donovan opined $100,000, when in reality the median stood at $900,000 according to real estate appraisers, too far off their minuscule guesses.

Other candidates were given an opportunity to shoot their respective shots too, with them, doing a better job with their estimations. Former city sanitation chief Kathryn Garcia came a close to $800,000. Maya Wiley went a bit stretched with 1.8 million but later admitted she estimated neighborhoods with higher prices. A former presidential contender during the 2020 democratic presidential primaries, Andrew Yang came with the pinpoint answer of $900,000.

The largely inaccurate guesses have propelled criticisms and public unrest. With housing prices increasingly becoming a burden for the low and middle-income groups of society, the people who are considered to commandeer them and address their concerns being ignorant about common charges is enraging.

Spokespeople of the respective candidates have put forward various arguments regarding their leader’s inaccuracy, right from a misinterpretation of the question to errors in computation. The fact remains that with the coming mayoral elections, which Rolling Stone comments “one of the most trying periods in its history”, the candidates seem offbeat in rising up to the occasion.

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