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REBNY: Housing Construction Pipeline Declines Nearly 90% Year-Over-Year
The Real Estate Board of New York (REBNY) reported that the rate of housing production in New York City is now falling even further behind the targets required to address the city’s housing supply crisis.
Developers filed foundation permit applications for 22 new projects citywide in December 2022, for a total of 590 multifamily residential units, a year-over-year decline of nearly 90%, according to REBNY. December’s sluggish pace caps a sizable slowdown in filings after the expiration of New York State’s 421-a tax abatement in June 2022.
“New York City’s current housing pipeline looks like we’re fighting a five-alarm fire with a garden hose,” said Zach Steinberg, REBNY SVP of policy. “Following recent proposals by Gov. Hochul and Mayor Adams to boost housing production, it’s increasingly important for state and city lawmakers to work together and ensure we don’t miss critical opportunities to address this worsening crisis.”
- ◦Development
