Nike is offering $4,000 in rent money to winners of a NYC race. In Manhattan, that might not be enough.
Four grand wouldn't cover a month's rent for most resident of Manhattan these days. In Brooklyn and Queens? Just barely.
Nike is offering a unique prize of $4,000 rent money to two winners of a New York City street race on August 29. The race will take place on Orchard Street, where participants will compete in a series of 100-meter dashes. The top two finishers will receive the cash prize, which Nike is marketing as the equivalent of one month's rent.
However, for many New Yorkers, particularly those living in Manhattan, $4,000 may not be enough to cover the median market-rate rent of $5,000 for a market-rate apartment, according to a recent report. Mayor Zohran Mamdani's administration is focused on reducing housing costs, with a rent freeze for roughly 1 million rent-stabilized apartments set to take effect this fall and a plan to build and preserve 200,000 affordable homes over the next decade.
Nike CEO Elliott Hill is working to revitalize the brand and has already shown signs of progress in North America, but challenges remain in China and other markets.
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