When it comes to housing, New York is a literally a tale of two cities.
About half of the luxury-condo units that have come onto the market in the past five years are still unsold. Meanwhile, 80,000 people sleep in New York City’s shelters or in makeshift shelters on the streets. Many of the sleek glass and steel condo high rises were intended for foreign buyers, but the Chinese economy slowed, and declining oil prices reduced demand from the wealthy Russian and Middle Eastern markets. As a result, many multi-million dollar units are empty.
Affordable housing was central to Mayor Bill De Blasio’s administration, but progress has stalled. The reasons: onerous zoning regulations, limited federal subsidies, construction delays, and blocked pro-tenant bills. Over the past 10 years, New York City real-estate prices have skyrocketed. From 2010 to 2019, for example, the average sale price of homes doubled in many Brooklyn neighborhoods.
The New York City area is losing about 300 residents every day, with a lack of housing a major factor. New York isn’t alone among big cities with an affordable housing crisis. Across the country, the supply of housing hasn’t kept up with population growth. Single-family-home sales are stuck at 1996 levels, even though the United States has added 60 million people since the mid-’90s.
Related Stories
Codes and Standards | Jan 3, 2019
U.S. Appeals Court says general contractors can be cited for subcontractor violations
Ruling will prompt review of OSH decision that said GCs cannot be held liable for subs’ violations.
Codes and Standards | Jan 3, 2019
Tall mass timber code changes receive final approval
New provisions to be included in the 2021 International Building Code.
Codes and Standards | Jan 2, 2019
ASHRAE’s Low-Rise Residential Buildings standard update now available
Performance measures are at least 50% more efficient than 2006 IECC.
Codes and Standards | Jan 2, 2019
Study compares labor hours for various low-slope roofing options
Type of roof covering, project parameters, tool management, and crew efficiency all impact profitability.
Codes and Standards | Dec 20, 2018
New York’s ‘Scaffold Law’ under fire for driving up project costs
Lawmakers under pressure to reform law that makes contractors 100% liable for work-site injuries.
Codes and Standards | Dec 19, 2018
Guidance for water utilities on indoor recycled water use released
Provides recommended ranges on 13 different parameters of water quality.
Codes and Standards | Dec 18, 2018
Development in Africa, Asia, and uptake in air conditioning will require more efficient buildings
Dramatic action will be needed for global building sector to cut carbon in line with international agreements.
Codes and Standards | Dec 14, 2018
Emissions for buildings and construction have peaked, UN says
Greener buildings have led to leveling off of GHGs.
Codes and Standards | Dec 13, 2018
Urban flooding causing economic loss, social disruption, and housing inequality
Extensive suburban development, aging and poorly maintained infrastructure, and more intense rainfall mean more flooding.
Codes and Standards | Dec 12, 2018
California’s transportation problems could prevent state from reaching carbon reduction goals
Governor’s carbon neutral-by-2045 ambitions at odds with car culture.