News

Business

On HALO

1 week ago

NYC rents hit record highs as Jersey City building boom drives rents down

If you want to know how to fix America’s housing crisis, look no further than the stark divide playing out along the Hudson River.In Manhattan, where years of heavy regulation, strict zoning laws and a sub-2% vacancy rate have choked off new development, rents have just hit historic records. But in neighboring Jersey City, a massive post-pandemic building boom has forced landlords to compete on price, driving local rents down from their 2024 peaks and giving inflation-weary tenants a much-needed break.According to the latest Zumper National Rent Report, Manhattan’s median one-bedroom rent rose...