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

New York 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
(iStock)
Up, up and away: Home prices soar beyond buyers’ reach
Up, up and away: Home prices soar beyond buyers’ reach
Mayor Bill de Blasio (Getty)
City expands free legal services for tenants, fearing eviction rush
City expands free legal services for tenants, fearing eviction rush
 9 Olde Towne Lane
Southampton home in exclusive enclave sells for $34.5M
Southampton home in exclusive enclave sells for $34.5M
Carl Liebert, CEO of kwx and Marc King, president of Keller Williams (V Foundation, Keller Williams)
Keller Williams has its best Q1 ever with $98B in sales
Keller Williams has its best Q1 ever with $98B in sales
Better.com CEO Vishal Garg (Better.com, iStock)
Mortgage lender Better to go public via SPAC merger
Mortgage lender Better to go public via SPAC merger
The Penthouse at 60 Broadway in Williamsburg. (Compass)
Brooklyn sees 41 luxury deals inked last week
Brooklyn sees 41 luxury deals inked last week
arrow_forward_ios

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

Loading...