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NYC Meets Only 20% Housing Production Target
The Real Estate Board of New York (REBNY) has released its Multi-Family Foundation Plan Application Report, highlighting a decline in residential foundation filings in New York City through August 2023.
Only 201 plan applications representing 6,542 units were filed in the first eight months of 2023, putting the city on pace to start fewer than 10,000 units of multifamily projects by year-end. This is significantly below the goal of 500,000 units over the next decade. Manhattan accounts for 21% (with 44 buildings) filings since April of 2021, but only 15% in the last eight months.
To reach this goal, the city would need to create 50,000 units of housing per year, while historical data indicates it has averaged around 20,000 units per year in the 2000s and 2010s. REBNY emphasizes the need for policies to address the housing supply crisis.
- ◦Development
