Kingdom Emergency Housing Coin
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Kingdom Emergency Housing Coin *
Housing burden: All residents should have access to quality, affordable homes. Since 2000, the share of renters who are rent burdened has increased from 40 percent to 50 percent in 2022. The share of renters who are severely burdened increased from 1 in 5 to 1 in 4. At least half of renters are currently rent burdened in 68 of the 100 largest cities in the US.
Black and Latinx women renters are most likely to be rent burdened among all other race and gender groups identified by the census. What is Rent Burden?
Rent burden occurs when a household spends more than 30% of its gross income on rent.
This is a common benchmark, with the "30% rule" recommending capping housing costs at this level.
Rent Burden in NYC
Widespread Issue: More than half of New York City's residents are rent-burdened, meaning they spend over 30% of their income on housing.
Escalating Problem: The situation is described as "worse than it's ever been," with rents up significantly since the start of the pandemic.
High Median Rent: In 2023, the median asking rent for available apartments in NYC was $3,500 per month.
Factors Contributing to Rent Burden
Rising Rents: Double-digit percentage increases in rents during the pandemic led to substantial increases in housing costs.
Slow Improvement: Although the rental market has recently cooled, asking rents are still 19% higher than they were before the pandemic.
Poverty and Affordability: Renters in poverty are significantly more likely to be rent-burdened than those with higher incomes.
The Kingdom Community Housing Coin will address the critical need for new sources of social impact financing for Affordable Housing, Empower community-based developers and nonprofits to preserve affordable rental housing, particularly apartments located near job centers, public transit, and services.
Impact of Rent Burden
Housing Instability: Rent burden is a direct contributor to housing instability for all low to moderate income families.
Financial Strain: Lower and middle-income working people are struggling to afford their rent, according to The New York Times.
There is a growing concern that federal housing assistance programs are insufficient to meet the needs of low-income households. Only a fraction of eligible renters receive assistance, leaving many without support.
The Kingdom Coin will purchase Community housing, and REDUCE rents to a living wage affordability LEVELS.
