REBNY: NYC Housing Production Remains Low 

Despite a slight increase in foundation application filings to 34 projects, containing 903 proposed dwelling units, the numbers remain significantly below the levels needed to address the housing need in New York City, according to REBNY’s Multi-Family Foundation Plan Application Report for February 2024. This trend, which began in June 2022 after the expiration of the 421a program, persists with an average of 25 initial foundation filings per month over the past year. 

Of particular concern is the stagnation of large building filings, with only two initial applications submitted in February for buildings with over 100 residential dwelling units. These projects, located in Queens and the Bronx, accounted for 44% of the proposed units during the period. Large buildings are crucial for total housing unit production, as they represented 55% of proposed dwelling units in 2023. The continued lack of filings for such projects underscores the challenges in meeting the city’s housing demands. 

Industry leaders and power players are connecting at Connect Phoenix Multifamily & Single-Family Build-to-Rent on April 18 at the Westin Kierland Resort & Spa. Don’t miss the expert’s take on where the market is headed, and what changes are on the horizon. Register Now!