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 | May 29, 2020
AIA releases new, updated sustainable project documents
Streamlined sustainable design and construction process included.
Codes and Standards | May 28, 2020
USGBC outlines how it will support pandemic recovery efforts
Includes emergency guidance and upgrades to the LEED green building program.
Codes and Standards | May 27, 2020
Office market could be COVID-19 casualty
As companies get used to work at home, post-pandemic office market could collapse.
Codes and Standards | May 26, 2020
Architectural Reuse Council will step up efforts to reuse construction waste
Cabinets, appliances, lighting, and lumber diverted from landfills to be repurposed.
Codes and Standards | May 26, 2020
Is CLT really a green solution?
Sustainability depends upon forest stewardship, product manufacturing process.
Codes and Standards | May 20, 2020
St. Louis is first Midwest city to pass building energy performance standard
Allows owners broad flexibility on how to achieve goals.
Codes and Standards | May 20, 2020
Supreme Court says Georgia cannot copyright its entire official code
Ruling may have implications for other states claiming copyright for building codes.
Codes and Standards | May 18, 2020
Strategies to reduce personal contact in multifamily properties
Design can improve health amid COVID-19 pandemic.
Codes and Standards | May 18, 2020
Canada Green Building Council says building industry lacks zero-carbon skills, knowledge
Net-zero target requires shift in thinking and practices.
Codes and Standards | May 18, 2020
California’s grid can support all-electric buildings
Load-shifting will help reduce peak demand.