NYC Faces Shortfall of 700,000 Housing Units

New York City needs to add 700,000 new homes over the next decade to address its housing shortage, according to the draft Fair Housing Growth Strategy report issued by the city’s Department of Housing Preservation and Development (HPD) and the Department of City Planning (DCP). 

The report, mandated by the passage of Local Law 167 in 2023, includes housing production targets for each Community District as a part of its vision to advance fair housing in New York over the next five years. It follows the Mamdani administration’s release of the Block by Block blueprint for housing production this past May.

“As the City commits to ambitious housing action through the Block by Block plan, the draft Fair Housing Growth Strategy provides a framework for measuring need and understanding where we should grow, with fair housing at its center,” said Sideya Sherman, Director of the DCP. “It is an important first step, but it is still a draft. We encourage New Yorkers to review the strategy, share their feedback, and help shape the final report.”

Over the coming weeks, HPD and DCP will gather public feedback to shape the final report.