NYC multi-family housing production down for third straight month, report finds
Image courtesy of robertotmn on Flickr
A new report shows that New York City is not building enough housing to meet current demand. The Real Estate Board of New York on Tuesday released its February 2023 Multi-family Foundation Plan Application Report, a monthly report that reviews applications submitted by developers to the NYC Department of Buildings for new residential developments. For the third month in a row, there have been fewer than 30 total filings for new developments across the five boroughs, according to the report.
Image courtesy of the Real Estate Board of New York
According to the report, there were 22 new multi-family foundation filings in February, which represents a total of 432 proposed dwelling units. During the first half of 2022, there was an average of 73 new filings per month.
For the second straight month, there was just one filing for a new residential development with more than 100 dwelling units. That filing, located at 134-55 45th Road in Long Island City, Queens, accounts for roughly 30 percent of all proposed units in the month of February.
Image courtesy of the Real Estate Board of New York
Based on data found in the report, Brooklyn accounts for 46 percent of all new multi-family building filings since March 2022, while Queens accounts for 20.6 percent, Bronx accounts for 18.8 percent, Manhattan accounts for 11.5 percent, and Staten Island accounts for 3.1 percent.
In order for NYC to keep up with its projected growth, the city needs to create 560,000 new homes, according to experts.
During her 2023 State of the State Address, Gov. Kathy Hochul proposed a plan that would require every locality within NY to meet a set housing creation goal. The plan would create more than 800,000 new homes over the next decade.
However, in their one-house budgets, the state legislature did not provide a replacement for the 421-a property tax exemption that expired last year, a necessary step for Hochul’s housing plan to come to fruition. Lawmakers also left out Hochul’s proposal to override zoning changes that would require all municipalities to increase their housing production by three percent.
“This data shows just how much worse the City’s housing crisis will become if we continue on the path laid out by the State Legislature’s one-house budget bills,” Zachary Steinberg, senior vice president of policy at REBNY, said.
“If the State budget fails to include sensible housing policies, New Yorkers should not expect these dire housing production numbers to improve.”
REBNY’s full report can be found here.
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