NYC’s housing crisis threatens the city’s future: report

A new city planning report shows NYC's growth rate is half that of leading cities

TRD New York TRD WEEKEND EDITION /
Aug.August 05, 2018 04:00 PM

(Credit: Nick Youngson CC BY-SA 3.0 ImageCreator, Pixabay)

A lack of affordable housing stock within the five boroughs has the Department of City Planning (DCP) worried about New York City’s ability to grow in the future.

Regional data, which includes the Big Apple, shows a pretty picture with nearly 23 million people working at over 10 million jobs, but the rate of the growth in NYC in particular over the past decade is a mere 0.9 percent, according to DCP’s report as cited by Crain’s. That puts New York behind Boston, Seattle, Miami, Dallas and San Francisco.

“We are growing more slowly than our competitors. Our competition isn’t against ourselves; it is against other regional clusters in the United States,” DCP director Marisa Lago explained during a presentation hosted by the New York Building Congress and reported on by Crain’s.

Over the last ten years, NYC has added 708,000 new jobs, but only 378,000 new housing units have come online in the five boroughs, creating a shortage that pushes about 100,000 people per year to the suburbs. [Crain’s]


Related Articles

arrow_forward_ios
A rendering of 165 Broome Street (Credit: Handel Architects)

Nonprofit plans affordable housing development near Essex Crossing

Nonprofit plans affordable housing development near Essex Crossing
All Falls Down: Kanye West’s “Star Wars”-themed affordable housing plan hits snag

All Falls Down: Kanye West’s “Star Wars”-themed affordable housing plan hits snag

All Falls Down: Kanye West’s “Star Wars”-themed affordable housing plan hits snag
Home sale price declines are expected for July, after a recent bump, according to a CoreLogic report. (iStock)

Home sale prices got a bump, but a drop is coming: Report

Home sale prices got a bump, but a drop is coming: Report
(Images courtesy of Victor Group)

The Getty condo chops prices up to 53%

The Getty condo chops prices up to 53%
442 Union Street and 257 Berry Street (Google Maps)

Brooklyn’s luxury market reaches new pandemic high

Brooklyn’s luxury market reaches new pandemic high
Marwan Kheireddine (inset), Jennifer Lawrence and 400 East 67th Street (Getty, Compass, BDL Accelerate)

Jennifer Lawrence’s Upper East Side PH sold at 37% loss

Jennifer Lawrence’s Upper East Side PH sold at 37% loss
Senate Minority Leader Chuck Schumer and Senate Majority Leader Mitch McConnell (Schumer by Tasos Katopodis/Getty Images; McConnell by Ting Shen/Xinhua via Getty)

Schumer v. McConnell on SALT: Who’s gonna give?

Schumer v. McConnell on SALT: Who’s gonna give?
111 Leroy Street and 817 Fifth Avenue (StreetEasy, Google Maps)

Luxury deals plummet in Manhattan — again

Luxury deals plummet in Manhattan — again
arrow_forward_ios

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

Loading...