The Real Estate Board of New York (REBNY) unveiled its October Multi-Family Foundation Plan Application Report, revealing insights into the city’s housing landscape.
October showcased a slight uptick with 21 filings for project foundations, up from September’s 19. Impressively, these filings proposed 1,902 dwelling units, marking a notable surge compared to the previous month.
However, the data painted a cautious picture for 2023, with only 242 foundation project filings by October, projecting a modest 9,069 proposed dwelling units for the year. This falls significantly below the city’s former target of 50,000 units annually, set by Mayor Eric Adams and housing experts.
The stark contrast in proposed units is evident, with 2023’s count down by 78% compared to the same period in 2022, raising concerns about meeting housing demands amidst this notable slowdown in proposed developments.
Emily Fu is Content Director of Connect Commercial Real Estate, where she covers the east coast markets, including New York, Boston & New England, and DC & Mid-Atlantic markets. She produces daily news stories as well as longer-form content, ranging from Q&As to thought-leadership pieces. She also writes feature stories for Connect Money.
With previous stints at Reuters, Seeking Alpha, and Commercial Observer, Emily has covered the finance side of the commercial real estate industry, technology, media, telecom (TMT), and fashion. She attended the Columbia Graduate School of Journalism and currently resides in Manhattan.