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Housing Construction Lags Job Growth Across NYC Region
Housing production has lagged job growth in the New York tri-state region, especially in New York City, the Department of City Planning says in a new report. In the decade prior to the Great Recession, the region permitted 2.2 new housing units per net new job added, but just 0.5 housing units in the decade since.
“Falling housing production poses a threat to our cities, and to our region’s continued prosperity,” said Vicki Been, Deputy Mayor for Housing and Economic Development. “The tri-state area has seen a 30% drop in the pace of new housing construction in the current market cycle compared to the prior cycle, even as job growth has surged. “This imbalance is driving up rents, damaging our quality of life and exacerbating inequality,” she added.
The report cites a drop in production of single-family and small multifamily homes that hasn’t been compensated for by larger multifamily projects.
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