A comparative analysis by the Citizens Budget Commission provides a softer take on the "affordability crisis" making so much news in New York City. The conclusion of the study is that New York City is more affordable than many other large cities.
Greg David provides this insight into the findings of the Citizens Budget Commission analysis [pdf]: "The CBC first looked at median rent in the 22 most comparable large cities in the U.S. New York is cheaper than three California cities, as well as Boston and Washington, D.C., and is ranked in almost the same place as it was a decade ago."
Moreover, once you factor in transportation costs for a metric called location affordability, "[the] typical New York household spends $20,452 on both. As a portion of income—32% here—it is the third best among the 22 cities."
For another article about the relative location affordability of New York City, thanks to its transit system, see another article by Ivan Pereira.
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UCLA Lewis Center for Regional Policy Studies
Mpact (formerly Rail~Volution)
Chaddick Institute at DePaul University
City of Piedmont, CA
Great Falls Development Authority, Inc.
HUDs Office of Policy Development and Research