AARP Applauds Mayor de Blasio State of the City Housing Plan as Step in Right Direction

Assoc. Says NYC 50+'s Struggle with Affordable Housing Holds Dire Econ Consequences

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Feb 03, 2015, 02:03 ET

NEW YORK, Feb. 3, 2015 /PRNewswire-USNewswire/ -- The cost of housing in New York City could drive away one of the city's biggest economic forces, warns AARP. On the heels of Mayor Bill de Blasio's State of the City address today focusing on housing, the Association says the ability to afford to stay in NYC is a primary concern for the city's 50+, a group that surpassed the $70 billion mark in their contribution to the city's economy – accounting for nearly half of all consumer expenditures.

For Baby Boomers in the workforce who are confident they'll be able to retire, 64% say they plan to leave NYC vs. 41% of the general 50+ population (pgs. 41 & 43). AARP is calling it Boomer Flight, and it could mean roughly $54 billion or more headed out of the local economy every year.

Two-thirds of 50+ voters in NYC rent their homes, and AARP finds 57% of them are worried about paying their rent. For Baby Boomers the number climbs to 59%. The Association applauds the Mayor's effort to create and preserve 10,000 units of senior housing under the new Senior Affordable Rental Apartments (SARA) program.

"Today, Mayor de Blasio outlined a bold initiative to help make New York City more affordable. The 50+ are working and retired, raising children, sending them to college, caring for their parents and most are watching and worried about the bottom line. Housing costs have the biggest impact for most," said Beth Finkel, State Director for AARP in New York State. "For many elderly, paying their rent comes down to a budget balancing act, and AARP thanks the Mayor for his commitment to tackling housing costs."

"AARP looks forward to working with Mayor de Blasio and the City Council to address a primary concern of so many New Yorkers - the cost of living here - and continuing to make New York a great place to live, work and play for all age groups," added Finkel.

AARP is a nonprofit, nonpartisan organization, with a membership of more than 37 million, that helps people turn their goals and dreams into real possibilities, strengthens communities and fights for the issues that matter most to families such as healthcare, employment and income security, retirement planning, affordable utilities and protection from financial abuse. We advocate for individuals in the marketplace by selecting products and services of high quality and value to carry the AARP name as well as help our members obtain discounts on a wide range of products, travel, and services. A trusted source for lifestyle tips, news and educational information, AARP produces AARP The Magazine, the world's largest circulation magazine; AARP Bulletin; www.aarp.org; AARP TV & Radio; AARP Books; and AARP en Español, a Spanish-language website addressing the interests and needs of Hispanics. AARP does not endorse candidates for public office or make contributions to political campaigns or candidates. AARP Foundation is an affiliated charity of AARP that is working to win back opportunity for struggling Americans 50+ by being a force for change on the most serious issues they face today: housing, hunger, income and isolation. AARP has staffed offices in all 50 states, the District of Columbia, Puerto Rico, and the U.S. Virgin Islands. Learn more at www.aarp.org.

SOURCE AARP New York State