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 | Jul 5, 2017
Research study examines tall timber buildings worldwide
Industry group developing criteria for categorizing wide range of construction approaches to tall timber buildings.
Codes and Standards | Jun 30, 2017
AAMA releases new document on aluminum fenestration and energy efficiency
The free download addresses entrances, storefront framing, curtain walls, windows and skylight fenestration systems.
Codes and Standards | Jun 29, 2017
Fire codes prevent cladding used on Grenfell Tower from being used in U.S.
Reports suggest an extra $6,300 for fire-resistant cladding could have prevented the tragedy.
Codes and Standards | Jun 28, 2017
Minimum Design Loads and Associated Criteria for Buildings and Other Structures, Standards ASCE/SEI 7-16, has been updated
The document is used for determining design loads including dead, live, soil, flood, tsunami, snow, rain, atmospheric ice, earthquake, wind, and fire.
Codes and Standards | Jun 27, 2017
Cold-formed steel framing engineering guide for building projects released
Better sound attenuation for subfloors and exterior continuous insulation are among the matters addressed.
Codes and Standards | Jun 26, 2017
L.A.’s new ordinance requires energy and water efficiency benchmarking
Structures 20,000 sf and larger must demonstrate steps to boost efficiency.
Codes and Standards | Jun 21, 2017
World Green Building Council: All buildings must be net zero by 2050 to avert 2°C rise
Building efficiency essential to tempering global climate change.
Codes and Standards | Jun 21, 2017
Senate bill would prohibit tax money for sports stadium projects
Bipartisan legislation would prevent use of municipal bonds by pro teams.
Codes and Standards | Jun 19, 2017
Developer, architect hit with $10 million construction defect verdict
Case pertained to construction of condo development that was not fire code-compliant.
Codes and Standards | Jun 19, 2017
Green building advocates erect icehouses on Penn. state capitol steps to make point on codes
State’s codes have not been updated since 2009.