The Real Deal New York

NYC population boom overwhelms housing supply

In Brooklyn, the population has grown by 82,500, but it has gained just 5,300 units
May 24, 2014 12:00PM

 In March, reports showed that New York City is in the midst of a population boom, gaining 215,782 new residents since 2010 and reaching a total of 8,405,837 residents in 2013. That means that — without an astronomical surge in residential construction — the city’s housing market is likely to see more competition among renters and even higher prices in the years to come.

The report, issued by the city’s planning department, noted that “much of this inflow consists of young migrants to Brooklyn, Queens and Manhattan, where they live largely in non-family households.”

During the city period from 2010 to 2013, when the city gained 215,000 residents, only 21,688 new housing units were built. In Brooklyn, the population grew by 82,500 people but the borough gained only 5,300 housing units, according to New York YIMBY.

“These population increases underscore the need to spur creation of housing for all New Yorkers,” city’s planning commissioner, Carl Weisbrod said, “Something which we are focusing on as part of the Mayor’s mandate to provide 200,000 affordable apartments over the next ten years.” [NY YIMBY]Christopher Cameron