March 12, 2018
New York City’s housing supply is at an all-time high of 3.47 million units, and will see about 50,000 more rentals and condominiums added over the next two years, the Wall Street Journal reported. These numbers are part of a growing body of evidence that the city’s longstanding worries over housing supply and affordability may be easing.
The city has seen a surge of apartment construction in recent years, and its economy remains strong. “A nearly decade-long rising economic tide really is starting to lift all boats,” James Parrott, an economist at the Center for New York City Affairs at The New School, told the WSJ. “The trends are all positive and encouraging and bode well for improved rental housing affordability.”
Census Bureau data show the third-highest vacancy rate citywide in 50 years. Across the city, vacancies are highest for housing that rents for at least $2,500 per month.
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