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
| Sep 29, 2014
Report finds links between office design, health and productivity
A new report from the World Green Building Council finds “overwhelming evidence” to support office design as a significant influencer of the health, wellbeing and productivity of staff.
| Sep 29, 2014
San Francisco office tower is first U.S. building to earn LEED Platinum v4 certification
One Sansome Street, San Francisco is the first building in the U.S. to achieve LEED Platinum v4 certification. The building is also only the second property worldwide to be awarded with v4 certification.
| Sep 29, 2014
Navy to begin BIM phased implementation in October
The U.S. Naval Facilities Engineering Command will begin its Building Information Management and Modeling (BIM) Phased Implementation Plan in October.
| Sep 18, 2014
GBCI to administer PEER certification for power grids and building projects
The Green Building Certification Institute (GBCI) will administer certification for the Performance Excellence in Electricity Renewal (PEER) program.
| Sep 18, 2014
Master Painter Institute approves 55 new paint products
The Master Painter Institute has issued approvals for 55 new paint products.
| Sep 18, 2014
OSHA announces new requirements for reporting deaths and severe injuries
The U.S. Department of Labor's Occupational Safety and Health Administration announced a final rule requiring employers to notify OSHA when an employee is killed on the job or suffers a work-related hospitalization, amputation, or loss of an eye.
| Sep 18, 2014
Eugene, Ore., passes ordinance to achieve steep energy consumption reductions
The Eugene, Ore., City Council recently passed an ordinance aimed at steeply reducing energy consumption and greenhouse gas emissions.
| Sep 10, 2014
Nine out of 10 New York City building plans fail energy code test
Earlier this year, New York City's Department of Buildings began auditing thousands of architectural plans for new and renovated office and residential buildings.
| Sep 10, 2014
AIA, CSI, and NIBS publish updated national CAD standard, includes new BIM module
The NCS helps architects, constructors and operators coordinate efforts by classifying electronic design data consistently and making information retrieval easier, the industry groups say.
| Sep 10, 2014
Perry named new director of OSHA’s Standards and Guidance Directorate
Bill Perry has been named new director of the OSHA’s Directorate of Standards and Guidance, effective Aug. 24, 2014.
