In June, Manhattan's average rents hit a record high over $5,000 a month.

Applying the 40-times rent rule for July prices, the median one-bedroom apartment in New York City

requires a $150,000 salary.

Why are rents so high?

What are the drivers of rental demand today?

What role do rent regulations play? And does Mayor Eric Adams' housing plan do anything to tackle today's rental woes? In this week's special episode of Ten Blocks, Eric Cobur and Michael Hendrix of the Manhattan Institute are joined by David Schleiker of Yale Law School and Rebecca Baird-Remba of Commercial Observer to discuss

the drivers of surging rent prices in New York City. We hope you enjoy.

Welcome to the Manhattan Institute's event on rent. I'm Michael Hendrix and the senior

fellow and director of state and local policy here at MI. It's going to be with you.

By rents, of course,

I'm referring to what you pay to put a roof over your head. Now, New York's been a pricey place

to live. We all know that. But after a pandemic era reprieve, rents, by all accounts,

are soaring once more throughout the Big Apple. The median rent on newly leased Manhattan

apartments reached $1,000 a month in June, according to one report. And the number of homes

renting for less than $1,500 a month is rapidly shrinking. So why is this? And why are rents

so high? And for whom? What can we do do about it to give us a complete picture of all

of this of new york city's rental market today of these important questions as part of our

klinsky series here in new york um we're going to be asking a terrific panel of experts to fill us into

the details and what all this has to do with the economy and law and

politics. There's so much to get into. First up, Rebecca Baird-Remba reporter for the Commercial

Observer. Rebecca's lived in New York City since moving for college. She got her start covering

real estate for Brownstoner and worked at NY YMB before heading to the commercial observer.

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