NYC will see demand for 279K new apartments by 2030

Report shows city is among top 10 most difficult cities to build in

New York /
Jun.June 26, 2017 02:55 PM

To keep up with demand, New York City needs 279,000 new apartments by 2030.

The city is falling behind that target but is faring better than other cities, having added 212,000 units in building with five apartments or more from 2000 to 2015, according to a new report by the National Multifamily Housing Council and the National Apartment Association, a trade group comprised of landlords. The report, according to Bloomberg, shows that New York is easier to build in — in terms of land costs and regulations — than other major cities, including Seattle, San Francisco, Philadelphia, Boston and Miami.

Still, the report found that New York is the 10th most difficult city to build in, which can, in turn, make it more difficult for tenants to find affordable housing. More than 44 percent of the city’s renters are spending more 35 percent of their gross income on rent, according to the report.

Overall, the United States will see a demand for 4.6 million new apartments by 2030, the report found. [Bloomberg] — Kathryn Brenzel 


Related Articles

arrow_forward_ios
John Catsimatidis and 670 Pacific Street (Getty, StreetEasy)
Catsimatidis notches win for landlords in 421a suit; tenants vow to appeal
Catsimatidis notches win for landlords in 421a suit; tenants vow to appeal
Robert Herjavec and One57 (Getty, Beyond My Ken/Wikimedia)
Robert Herjavec buys One57 condo at $13M discount
Robert Herjavec buys One57 condo at $13M discount
Realtors no longer heart “love letters” to sellers
Realtors no longer ♡ “love letters” to sellers
Realtors no longer ♡ “love letters” to sellers
1 Swan Landing
5 Gatsby-esque homes fit for the Roaring 2020s
5 Gatsby-esque homes fit for the Roaring 2020s
Home sales rise in June, snapping four-month downward streak
Home sales rise in June, snapping four-month downward streak
Home sales rise in June, snapping four-month downward streak
Housing investors took advantage of a hot market, collectively purchasing the group’s most homes in a quarter since 2000. (iStock)
Housing investors went on spending spree in second quarter
Housing investors went on spending spree in second quarter
Sundae co-founders Josh Stech and Andrew Swain (Sundae via LinkedIn)
Distressed-property startup Sundae raises $80M in Series C round
Distressed-property startup Sundae raises $80M in Series C round
M&T Bank reports late-stage delinquent loans more than doubled in past year
M&T Bank reports late-stage delinquent loans more than doubled in past year
M&T Bank reports late-stage delinquent loans more than doubled in past year
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...