NYC Lags on Affordable Housing Production in Fiscal 2022
Affordable housing development in New York City has declined by nearly half over the past fiscal year, according to Mayor Eric Adams’ first annual management report. In Fiscal 2022, the city financed the creation and preservation of 16,042 affordable units, a 45% decrease from Fiscal 2021. That number includes just 9,402 new units, with the remainder having their affordably preserved.
“Lower production levels in Fiscal 2022 were largely due to increasing construction costs and agency staffing challenges” at the city’s Department of Housing Preservation and Development (HPD), the report states.
13,779 affordable housing units completed construction in fiscal 2022. Although that represents tan 8% increase in completions over Fiscal 2021, the report notes that HPD is “still seeing the impacts of restrictions and precautions enacted in response to the COVID-19 pandemic that delayed construction, tenant relocation, and inspections, affecting the completions for the fiscal year.”
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
CRE courses for CE credits
Get CE course credits, centered around all things CRE. View our courses today!