housingcrisis

Manhattan rents hit record $6,655 as judge halts Mamdani tax plan

Manhattan's average monthly rent reached $6,655 in July 2026, a 10% increase from the previous year, as New York City's rental vacancy rate hit a 56-year low. A judge temporarily blocked Mayor Zohran Mamdani's tax on second homes, and President Donald Trump criticised the policy on social media.