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
| Jun 19, 2013
New York City considers new construction standards for hospitals, multifamily buildings
Mayor Michael Bloomberg’s administration has proposed new building codes for hospitals and multifamily dwellings in New York City to help them be more resilient in the event of severe weather resulting from climate change.
| Jun 12, 2013
Green Globes update complies with federal sustainability standards
The Green Building Initiative has updated its green building certification program to comply with the U.S. government’s standards for sustainability in federal buildings.
| Jun 12, 2013
Green Globes update complies with sustainability standards
The Green Building Initiative has updated its green building certification program to comply with the U.S. government’s standards for sustainability in federal buildings.
| May 31, 2013
OSHA will propose to extend crane operator certification compliance date
The Occupational Safety and Health Administration (OSHA) says it will propose to extend the compliance date for the crane operator certification requirement by three years to Nov. 10, 2017.
| May 31, 2013
GIS should guide zoning decisions in states hit hard by Hurricane Sandy, says expert
As New York, New Jersey and other states hit hard during Superstorm Sandy begin their long road to recovery, the decisions they make on how to rebuild are crucial to determining how well they will weather the next big storm.
| May 31, 2013
Bond package to fund $2.7 billion in new university construction dies in Texas Legislature
A $2.7 billion state bond package that would have financed expansion projects at more than a half-dozen universities in Texas died on the final day of the legislative session.
| May 31, 2013
Tax break proposal for $1.5 billion expansion of Minnesota’s Mall of America advances
The Minnesota Legislature approved tax breaks worth $250 million for a $1.5 billion project that would double the size of the Mall of America in Bloomington, Minn.
| May 31, 2013
Debate in the Northwest over how to apply lessons of net-zero construction in codes
Success in constructing net-zero homes in the Northwest has sparked debate over how far green codes should go.
| May 28, 2013
Fire Chiefs Assn., IBHS call for federal legislation to encourage states to adopt, enforce building codes
The International Association of Fire Chiefs (IAFC) and the Insurance Institute for Business & Home Safety (IBHS) are asking Congress to enact the Safe Building Code Incentive Act (SBCIA), which provides financial incentives for states to adopt and enforce building codes.
| May 28, 2013
Proposal to water down Las Vegas green building code draws criticism
A proposed bill before the Las Vegas City Council would allow any building built before 2009 undergoing a renovation to only have to meet the energy code requirements at the time of initial construction, not the current, stricter guidelines.
