New York gets the fewest new homes of any city in the Northeast

No wonder the rent is too high. New York City approved fewer new homes per capita than any other Northeastern city in 2020. Just 2.4 ...


No wonder the rent is too high.

New York City approved fewer new homes per capita than any other Northeastern city in 2020.

Just 2.4 new units were licensed per 1,000 New Yorkers in 2020, the last full year on record.

That’s less than Baltimore (2.8), Philadelphia (3.6), Boston (5.1) Newark (5.3), New Haven (5.6) or Washington, DC (10.3).

“New York City is failing to produce enough rental housing, especially at below-market rents, to keep up with population growth — and that’s making the housing crisis even worse,” said James Whalen, president of Real Estate. Board of New York. .

Will Thomas, executive director of Open New York, blamed the city’s “particularly strict zoning”.

“Fewer houses means a tighter market. A tighter market means higher housing costs, whether in rents or prices for buyers,” he said.

As construction stalls, remote workers are flocking to cheaper cities.
As construction stalls, remote workers are flocking to cheaper cities.
Helayne Seidman

While construction has been temporarily suspended for the pandemic in 2020, permit approvals are tracked separately from building construction.

“It is surprising that [New York] built less than Baltimore or Newark,” said Sidharth Kapur, an engineer who published federal data online.

The numbers are bad news for the Big Apple as remote workers continue to flock to cheaper cities like Miami and Austin. They both approved multiple times the number of new units in New York in 2020 – 7.6 and 17.8, respectively.

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Newsrust - US Top News: New York gets the fewest new homes of any city in the Northeast
New York gets the fewest new homes of any city in the Northeast
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