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New York City


APARTMENT HUNTING IN NYC? SUPPLY OF OPEN UNITS HASN'T BEEN THIS BAD SINCE THE
1960S


HOUSING VACANCY THAT FALLS BELOW 5% IS CONSIDERED A "HOUSING EMERGENCY" UNDER
STATE LAW

BY NBC NEW YORK STAFF • PUBLISHED 39 MINS AGO • UPDATED 39 MINS AGO



News 4

New York City sounded the alarm this week after a report shed further light on
the city's housing crisis.

The amount of available apartments across the five boroughs dropped to a low
rate not seen in more than five decades, according to the NYC Housing and
Vacancy Survey. The report, done on average every three or so years, found the
vacancy rate in the city had dropped down to 1.4%.

Not since 1968 has New York City seen its vacancy rate drop to such a startling
low percentage, city officials emphasized Thursday.

Last year's low rate reflects a stark nosedive from the previous survey done
only two years prior, which found the rate stood around 4.54% in 2021. That
year's survey had been delayed due to the COVID-19 pandemic.

> Get Tri-state area news and weather forecasts to your inbox. Sign up for NBC
> New York newsletters.

Quite possibly the most startling statistic drawn from the city data, is the
vacancy for units under $2,400. Apparently, the net rental vacancy for rentals
below that price point sits below 1%.

Mayor Eric Adams said the numbers show demand to live in the city is far
outpacing the ability to building housing.

"The data is clear: the demand to live in our city is far outpacing our ability
to build housing. New Yorkers need our help, and they need it now,” Adams said
in a statement.

New York City Nov 11, 2023


NYC RENT DROPS FOR THIRD STRAIGHT MONTH — RENTERS SAY IT'S STILL NOT ENOUGH

Rent Oct 20, 2023


NYC WAS NOT THE WORST CITY FOR RENTERS IN US, BUT ANOTHER TRI-STATE CITY WAS:
STUDY

The city's vacancy analysis found that in January to June of 2023, only about
33,000 of the city's 2.3 million apartment stock were available to rent.

“To meet this need and turn the tide on our long-standing housing crisis, we
need action from colleagues across the City and State to support our housing
agenda, and to advance proposals and projects that will allow us to build and
preserve more housing in every neighborhood across the city," Deputy Mayor for
Housing, Economic Development and Workforce Maria Torres-Springer said.

The housing survey is meant to determine New York City's "continued need for
rent control and rent stabilization."

Proposals included in the survey cover new tax incentives on affordable housing,
reforming zoning policies, and the need for additional financial assistance from
the federal government.

Copyright NBC New York

THIS ARTICLE TAGGED UNDER:

New York CityHousing


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