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The housing shortage in New York is driven by a lack of housing supply. Home construction in New York City lags far behind other major American cities. [4] From 2010 to 2023, housing supply in the city increased by 4% while jobs increased by 22% [4]; however, 973,000 workers commuted into the city from its suburbs as of 2019 [5], as employment ...
Several federal and state initiatives have targeted this problem, but have failed to provide enough affordable, inclusive, and sustainable housing for New York City residents. The demand for affordable housing in New York City remains high: 2.5 million applications were submitted for 2,600 available affordable apartments in 2016. [63]
In March 2016, affordable housing advocates in New York City were pleased when a judge ruled that an Upper West Side SRO facility (the Imperial Court Hotel) could not rent out rooms for less than 30 days, a short-term tenure that would favour tourist rentals over lower-income long-term renters. [30] In New York City, some public figures have ...
September 3, 2024 at 4:48 PM. (Reuters) - Airbnb on Tuesday asked New York City to reconsider regulations on short-term rentals that went into effect in September 2023, citing higher prices for ...
New York City vacancy rates hit a historic low in February. ... With so few homes available—and affordable homes at that—housing advocates in the city have formed a super PAC that aims to ...
HPD is currently in the midst of New York City Mayor Bill de Blasio's Housing New York initiative to create and preserve 300,000 units of affordable housing by 2026. By the end of 2021, the City of New York financed more than 200,000 affordable homes since 2014, breaking the all-time record previously set by former Mayor Ed Koch. [3]
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