Weekly Real Estate News
Source: Planetizen —
Writing for New York 1, Emily Ngo highlights the shortage of housing, particularly on the lower end of the market, that is squeezing New York City renters. “In an interconnected New York, market forces and policy, profit and politics all play a role in creating this crisis of affordability, at the root of which is supply not meeting demand.”
“In Manhattan, the average rent was $4,094 in August 2021, but it rose to $5,246 by this past August, according to a Douglas Elliman report.”
Ngo points out that the city’s population growth is quickly outpacing predictions. “About 560,000 apartments must be built by 2030 to accommodate population growth, according to a Real Estate Board of New York report.” Meanwhile, efforts to convert the city’s vacant hotel rooms to housing have failed to add to the city’s housing stock.
