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 | Feb 12, 2018
Publication provides insight into managing risk of wind-borne debris damage
Explains how models and data are used to assess the risk of structural damage.
Codes and Standards | Feb 8, 2018
EPA’s Water of the U.S. rule delayed for two years while repeal sought
Controversial Obama-era regulation may never be implemented.
Codes and Standards | Feb 5, 2018
Astrophysicist turns his skills toward identifying and predicting location of vacant buildings
Project could help Baltimore and other cities redevelop blighted properties.
Codes and Standards | Feb 5, 2018
Denver’s new green roof mandate raises implementation policies
Voter initiative left many details undecided.
Codes and Standards | Feb 2, 2018
How workplace design can position financial services companies for success
HOK report examines forces reshaping industry.
Codes and Standards | Jan 31, 2018
California is the first state to phase out incandescent light bulbs
In two years, the rest of the U.S. will follow suit.
Codes and Standards | Jan 31, 2018
Automated tool assists in design of force transfer around openings
Engineered Wood Assn. offers free calculator and technical note.
Codes and Standards | Jan 31, 2018
First large-scale use of perovskite solar cells in office building slated for Poland this year
Skanska will integrate the technology into building facades.
Codes and Standards | Jan 29, 2018
Advanced Energy Design Guide for K-12 Schools to achieve zero energy
Publication is joint effort by ASHRAE, AIA, IES, and USGBC.
Codes and Standards | Jan 26, 2018
Flying drones while inebriated now illegal in New Jersey
Violators could be sentenced to six months in jail.