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 | Dec 2, 2019
New tool allows users to learn how to reduce embodied carbon
Calculator delivers first digitized EPDs.
Codes and Standards | Dec 2, 2019
Trade group challenges St. Petersburg, Fla., ordinance on construction contract mandates
Legality of requirement to hire apprentices, disadvantaged workers at issue.
Building Owners | Dec 2, 2019
What building owners and AEC teams need to know about New York’s Climate Mobilization Act
On April 18, 2019, the New York City Council passed the Climate Mobilization Act, a suite of laws aimed to meet the city’s commitment to achieving carbon neutrality by 2050.
Codes and Standards | Nov 26, 2019
Updated ASHRAE standards focused on ventilation design, air quality in residential applications
Standard 62.1 and 62.2 updates provide new tables of ventilation rates per unit area.
Codes and Standards | Nov 25, 2019
Real estate professionals say coworking is not a flash in the pan
More than 60% say coworking space is in their portfolios.
Codes and Standards | Nov 22, 2019
Utility’s proposal threatens California’s rooftop solar mandate
Would allow customers to use solar farms instead of installing their own PVs.
Codes and Standards | Nov 21, 2019
Number of LEED commercial building projects surpasses 100,000
More than 2.6 million sf of space being certified each day.
Codes and Standards | Nov 19, 2019
Most U.S. voters support licensing standards for architects
NCARB survey shows strong support for architecture as a licensed profession.
Codes and Standards | Nov 18, 2019
Cambridge, Mass., teams up with utility on energy retrofit program
Buildings large than 25,000 sf targeted in initiative to further carbon neutrality goal.
Codes and Standards | Nov 14, 2019
Resistance to Toronto’s ‘smart city’ reveals pitfalls of such ambitious projects
Concerns over data privacy, governance, feasibility prompt criticism.