The cost of housing in the New York City area is not soaring the way it is in the rest of the country—even though rents are certainly rising.
The consumer price index for shelter shows prices increasing at less than half the speed in the New York area as nationally—2.1% between March 2021 and March of this year, compared with 5% for the U.S. as a whole, according to the latest CPI released by the Bureau of Labor Statistics and analyzed by City Comptroller Brad Lander this week.
Shelter refers to the cost of rent and what’s called “owner equivalent rent,” or the rental value of owner-occupied units.
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