{"id":467487,"date":"2025-12-23T21:54:12","date_gmt":"2025-12-23T21:54:12","guid":{"rendered":"https:\/\/www.europesays.com\/us\/467487\/"},"modified":"2025-12-23T21:54:12","modified_gmt":"2025-12-23T21:54:12","slug":"rebny-report-claims-nyc-housing-construction-falling-short","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/us\/467487\/","title":{"rendered":"REBNY report claims NYC housing construction falling short"},"content":{"rendered":"

The state of New York City housing received a checkup this week \u2014 with poor results.<\/p>\n

A new report<\/a> by the Real Estate Board of New York revealed that new apartment construction is falling far short of what the city needs to solve its housing crisis. <\/p>\n

The Big Apple is currently facing its lowest vacancy rate in more than 50 years and months of record-breaking rents<\/a>.<\/p>\n

Mayor Eric Adams and Governor Kathy Hochul\u2019s \u201cmoonshot\u201d housing hopes are way behind schedule, according to REBNY. Pacific Press\/LightRocket via Getty Images<\/p>\n

Just a 13% slice of the city\u2019s 500,000-unit goal has been built since the start of 2024. Christopher Sadowski<\/p>\n

The powerful real estate trade organization released the report as a checkup \u2014 the first of several \u2014 to assess the progress of Mayor Eric Adams and Governor Kathy Hochul\u2019s bold housing plans, the New York Times<\/a> reported.<\/p>\n

The city is not on track to meet the Adams administration\u2019s 2022 \u201cmoonshot\u201d goal to build 500,000 new homes over the decade, according to REBNY.<\/p>\n

Just 66,162 units have been completed since the start of 2024, the report found. That\u2019s a 13% slice of the ambitious 500,000-unit goal.<\/p>\n

The REBNY report estimated that New York City now needs to be building 13,147 units per quarter through 2034 \u2014 a roughly 39% increase in production \u2014 in order to meet that 500,000 mark by 2034. The city\u2019s current quarterly pace is closer to an average of 9,452 new units.<\/p>\n

A single Manhattan apartment building can take four years to build on average. Luiz C. Ribeiro for New York Post<\/p>\n

Some hoped-for housing units wait for years in pre-development pergatory. Paul Martinka<\/p>\n

This enormous gap between needed units and realized units can put part of the blame on long-frustrated construction timelines.<\/p>\n

On average, it takes roughly 3.4 years to build up a single apartment building in New York City, according to the trade group. That number stretches to four years in Manhattan.<\/p>\n

Basha Gerhards, REBNY\u2019s executive vice president of public policy, told the Times that a range factors contribute to the lackluster building results. <\/p>\n

There are the usual suspects, like bureaucratic red tape and restrictive zoning laws, that hamstring developers. The report pointed out that pre-development periods, or the waiting period between finalizing construction plans and receiving proper permits, can leave apartment buildings waiting in the wings for more than five years.<\/p>\n

More than 47,100 units are in this pre-development purgatory, according to REBNY.\u00a0Requirements for safety and energy efficiency can shift in the meantime, further altering plans.<\/p>\n

Gerhards also pointed to new burdens on developers, like high interest rates and the residual economic pains of COVID-19 shutdowns.<\/p>\n

Planned office-to-residential conversions, like 5 Times Square, are among the radical solutions to the city\u2019s housing supply woes. Google Maps<\/p>\n

The next administration plans to push for more construction of more subsidized units. Paul Martinka<\/p>\n

Both sides of the aisle appear to agree that New Yorkers need more housing, but partisan approaches vary, from deregulation to removing zoning limits. <\/p>\n

Adams made housing a key pillar of his brief administration<\/a>, notably passing sweeping zoning reforms through the City of Yes that cleared the way for an estimated 130,000 potential new apartments.<\/p>\n

Continued construction is a stated goal of the Mayor-elect, Zohran Mamdani, who has promised to build 200,000 subsidized homes over the next 10 years.<\/p>\n

Regardless of who is in charge, the city\u2019s builders certainly have their work cut out for them. The Times cited recent surveys that estimated the metro region\u2019s housing shortage total between 355,000 and 540,000 units. <\/p>\n","protected":false},"excerpt":{"rendered":"The state of New York City housing received a checkup this week \u2014 with poor results. A new…\n","protected":false},"author":3,"featured_media":467488,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5122],"tags":[852,5229,405,403,5226,5225,5228,5227,4329,10204,67,586,132,5230,68,2969],"class_list":{"0":"post-467487","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-new-york","8":"tag-affordable-housing","9":"tag-america","10":"tag-new-york","11":"tag-new-york-city","12":"tag-newyork","13":"tag-newyorkcity","14":"tag-ny","15":"tag-nyc","16":"tag-real-estate","17":"tag-residential-real-estate","18":"tag-united-states","19":"tag-united-states-of-america","20":"tag-unitedstates","21":"tag-unitedstatesofamerica","22":"tag-us","23":"tag-usa"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@us\/115771111165343493","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/467487","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/comments?post=467487"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/467487\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media\/467488"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media?parent=467487"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/categories?post=467487"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/tags?post=467487"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}