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]