Quinn to talk about NY's shrinking middle class in state of city
City Council Speaker Christine Quinn will discuss a report that finds that the Big Apple's middle class is shrinking during her final state of the city address today.
The study, conducted by the Council's finance division, found that the median middle class income for families of four shrank from $105,668 in 2008 to $102,780 in 2012 (using inflation adjust numbers based on 2011 statistics.) The report also found fewer New Yorkers were able to reach that level.
laThe city's surging cost of living compounds the problem, as low-income residents struggle to pay their rent, the report said.
"This report demonstrates the need to address long-term housing costs, develop opportunities for middle class workers, and to help create a New York City that middle class families continue to seek out as a place to call home," Quinn, who is mulling a run for mayor, she said in a statement.
The report found New York housing costs grew at triple the rate of income growth. In particular, the costs in Manhattan, Brooklyn and Queens lead the nation and are higher than the costs of Boston and Chicago.