New York OKs least new housing of any city in Northeast

Some attribute to metropolis's low approval price to strict zoning insurance policies.
Helayne Seidman

No surprise the hire is just too rattling excessive.

New York Metropolis accepted much less new housing per resident than another Northeast metropolis in 2020.

Simply 2.4 new items have been permitted per 1,000 New Yorkers in 2020, the final full yr on document.

That’s fewer than Baltimore (2.8), Philadelphia (3.6), Boston (5.1) Newark (5.3), New Haven (5.6), or Washington, D.C. (10.3).

“New York Metropolis is failing to provide sufficient rental housing, significantly at below-market rents, to maintain up with inhabitants progress — and it’s making the housing disaster even worse,” James Whalen, president of the Actual Property Board of New York, mentioned.

Will Thomas, government director of Open New York, blamed town’s “uniquely strict zoning.”

“Much less houses means a tighter market. A tighter market means greater housing prices, whether or not rents or costs for homebuyers,” he mentioned.

As building stalls, distant employees are flocking to cheaper cities.

Helayne Seidman

Whereas building was quickly suspended for the pandemic in 2020, allow approvals are tracked individually from constructing building.

“It's stunning that [New York] builds lower than Baltimore or Newark,” mentioned Sidharth Kapur, an engineer who revealed the federal information on-line.

The figures are dangerous information for the Large Apple, as distant employees proceed to flock to cheaper cities like Miami and Austin. They each accepted many instances the variety of new items as New York in 2020 — 7.6 and 17.8, respectively.