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NYC Housing Production Sags for Third Consecutive Month
New York City saw 22 new multifamily foundation filings in February 2023, totaling 432 proposed dwelling units, the Real Estate Board of New York (REBNY) said Tuesday. This marks the third straight month of fewer than 30 filings citywide. By comparison, there was an average of approximately 73 filings per month in 2022’s first half.
REBNY noted that the State Legislature’s recently introduced one-house budget bills failed to include a number of Gov. Hochul’s housing proposals, such as proposals to lift the 12 FAR cap or extend the completion deadline for 421-a projects.
“This data shows just how much worse the city’s housing crisis will become if we continue on the path laid out by the State Legislature’s one-house budget bills,” said REBNY SVP of Policy Zachary Steinberg. “If the state budget fails to include sensible housing policies, New Yorkers should not expect these dire housing production numbers to improve.”
- ◦Development
- ◦Policy/Gov't
