Big Take Even Six Figures Can’t Save You From NYC’s Rent Crisis
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Oct 2, 2025 Paulina Cachero, a Bloomberg real estate reporter specializing in NYC housing trends, reveals the shocking truth about soaring rents that even high earners can’t escape. She discusses how remote work has changed the rental landscape and inflated demand, with many making over $100K now spending significant portions of their income on rent. Paulina also highlights the mismatch between job growth and housing supply, the rise of millionaire renters, and proposals for affordable housing. The conversation dives deep into the implications for renters and the pressing need for effective solutions.
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Illustrator Pushed By Soaring Rent
- Shanae moved back to NYC in 2013 and once had a rent-stabilized apartment for $1,195.
- After upgrades and hikes she now pays $3,200 and faces a landlord increase to $5,500 so she must search for cheaper options.
Six-Figure Earners Feeling Squeeze
- Tens of thousands of households earning $100K–$300K now spend a third or more of gross income on rent.
- That shifts the perception of affordability and threatens long-term sustainability for upper-middle earners.
Pandemic Return Drove Rents Up
- The 'great reshuffle' sent higher earners out during COVID then back into expensive neighborhoods, increasing demand and rents.
- Returning white-collar renters and landlords recouping losses drove the large 2022 rent hikes.