New York City approved less new housing per resident than any other Northeast city in 2020.
That’s fewer than Baltimore , Philadelphia , Boston Newark , New Haven , or Washington, D.C. .
“New York City is failing to produce enough rental housing, particularly at below-market rents, to keep up with population growth — and it’s making the housing crisis even worse,” James Whalen, president of the Real Estate Board of New York, said.“Less homes means a tighter market. A tighter market means higher housing costs, whether rents or prices for homebuyers,” he said.
“It is surprising that [New York] builds less than Baltimore or Newark,” said Sidharth Kapur, an engineer whoThe figures are bad news for the Big Apple, as remote workers continue to flock to cheaper cities like Miami and Austin. They both approved many times the number of new units as New York in 2020 — 7.6 and 17.8, respectively.
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