New York City is facing a housing crisis driven by the influx of millionaires and wealthy investors. The city has seen a 45% increase in millionaires over the last decade, with the richest areas continuing to grow. Despite predictions that the wealthy would flee during the pandemic, New York's wealthy population has expanded, driving housing prices even higher. Many middle-class families, even those with good incomes, can no longer afford to live in the city. For example, Dana Dennis, a Brooklyn native, and her husband, who earn over $100,000 annually, were unable to find a two-bedroom apartment they could afford and had to move to New Jersey after having their first child.
Vocabulary list :
• Metropolis (n) : Large, busy, important city
• Millionaire (n) : Person with million-dollar wealth
• Squeeze (n) : Pressure causing financial difficulty
• Affordable (adj) : Not too much money
• Crunch (n) : Serious shortage or crisis
• Booming (adj) : Growing quickly and strongly
• Entice (v) : Attract by offering something
• Mortgage (n) : Loan for buying property
• Tertiary (adj) : Third-level, less central location
• Short-term rental (n) : Temporary property lease arrangement