New York City recorded the completion of 33,974 new homes in 2024, the most units completed in a single year since 1965.
The Department of City Planning (DCP) attributed this figure to the increase of permitting during 2022 ahead of to the expiration of the 421-a tax program.
However, the DCP also reported receiving only 15,626 permits for new housing last year, a slight decrease from the previous year. Furthermore, the level of permitting varied significantly across the city, with 10 community districts permitting as much housing as the other 49 combined and two districts in Manhattan recording net-negative units permitted.
DCP Director Dan Garodnick declared 2024 as “a banner year for housing production in New York, but we can’t rest on our laurels,” adding that “the progress we are making towards accomplishing our housing goals, and the work that remains to build a fairer, more affordable city.”
