The pipeline for expanding the new housing supply in New York City continues to lag this year as state lawmakers and Gov. Kathy Hochul negotiate a state budget that could include new goals to expand housing statewide.
The Real Estate Board of New York on Tueday released its February report on new applications for residential building foundations as submitted by developers to the city Department of Buildings. The findings show new construction remains relatively flat.
The report found:
- There were 22 new multi-family family foundations filings in February, creating a total of 432 proposed dwelling units
- For three straight months, there hav been fewer than 30 filings in New York City
- In the first six months of 2022, there were an average of 73 filings per month for residential building foundations
- February was the second straight month in which there was only new filing for a building that would have more than 100 residential dwelling units
The new numbers come as Hochul has called for the approval of a wide-ranging plan meant to expand housing in New York statewide by 800,000 units within the next decade. The effort is meant to reduce overall costs for new homebuyers as well as tenants.
“This data shows just how much worse the city’s housing crisis will become if we continue on the path laid out by the State Legislature’s one-house budget bills,” said REBNY Senior Vice President of Policy Zachary Steinberg. “If the state budget fails to include sensible housing policies, New Yorkers should not expect these dire housing production numbers to improve.”
But Hochul's proposals to expand housing in suburban communities through the rezoning of areas near commuter rail stations has run into opposition from local officials on Long Island. At the same time, progressive lawmakers and advocates are pushing for new tenant protections meant to stave off evictions and make it harder for landlords to raise rents.