flexiblefullpage
billboard
interstitial1
catfish1
Currently Reading

Half of Manhattan’s new residential skyscrapers are empty

Codes and Standards

Half of Manhattan’s new residential skyscrapers are empty

Excess comes as middle class housing shortage worsens.


By Peter Fabris, Contributing Editor | January 29, 2020

Courtesy Pixabay

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

Legislation | Mar 16, 2022

Weak federal commercial real estate rules will hamper seizing Russian assets

Lax disclosure regulations that have made the U.S. a global hot spot for money laundering via real estate holdings will make it difficult for officials to seize properties from Russian oligarchs.

Codes and Standards | Mar 15, 2022

First company awarded Fitwel Certification in Senior Housing for Occupant Health & Wellness

The Springs at Greer Gardens in Eugene, Ore., is the first property to earn a Fitwel global health certification under the newly created senior housing scorecard.

Codes and Standards | Mar 10, 2022

HOK offers guidance for reducing operational and embodied carbon in labs

Global design firm HOK has released research providing lab owners and developers guidance for reducing operational and embodied carbon to meet net zero goals.

Codes and Standards | Mar 7, 2022

Late payments in the construction industry rose in 2021

Last year was a tough one for contractors when it comes to getting paid on time.

Codes and Standards | Mar 7, 2022

Massachusetts proposed energy code changes don’t ban gas

Proposed changes to the Massachusetts energy code would provide incentives for builders to fully electrify buildings, but not impose a ban on natural gas hookups.

Codes and Standards | Mar 4, 2022

Construction industry faces a 650,000 worker shortfall in 2022

The U.S. construction industry must hire an additional 650,000 workers in 2022 to meet the expected demand for labor, according to a model developed by Associated Builders and Contractors.

Codes and Standards | Mar 4, 2022

FAA offers $1 billion in grants for airport terminal and tower projects

The Federal Aviation Administration (FAA) is now accepting applications for about $1 billion in grants for airport projects during fiscal year 2022.

Codes and Standards | Mar 1, 2022

Engineering Business Sentiment study finds optimism despite growing economic concerns

The ACEC Research Institute found widespread optimism among engineering firm executives in its second quarterly Engineering Business Sentiment study.

Codes and Standards | Feb 28, 2022

Low-cost concrete alternative absorbs CO2

Researchers at Worcester Polytechnic Institute have developed a new CO2-absorbing material that’s a low-cost alternative to concrete.

Multifamily Housing | Feb 25, 2022

First set of multifamily properties achieve BREEAM certification in the U.S.

WashREIT says it has achieved certification on eight multifamily assets under BREEAM’s In-Use certification standard.

boombox1
boombox2
native1

More In Category




halfpage1

Most Popular Content

  1. 2021 Giants 400 Report
  2. Top 150 Architecture Firms for 2019
  3. 13 projects that represent the future of affordable housing
  4. Sagrada Familia completion date pushed back due to coronavirus
  5. Top 160 Architecture Firms 2021