New York City recorded 728 new building filings during the fourth quarter of 2023, which was 48% higher than the historical average dating back to 2008, according to new data from the Real Estate Board of New York (REBNY).
However, this surge in housing construction was mostly fueled by activity for small buildings within a single subsector – REBNY noted there were 568 filings for buildings with one to three proposed units primarily on Staten Island, which is the most in any quarter dating back to 2008. In contrast, there were only nine filings for buildings with 100 or more proposed units during this period, marking the fourth straight quarter in which there were 10 or fewer filings for large multifamily projects.
As a result of this lopsided equation, there were 4,046 proposed dwelling units in the fourth quarter, which was 16% lower than the historical average dating back to 2008.
“This data makes clear that New York City is not building the kind of multifamily rental housing needed to address our worsening supply crisis,” said Zachary Steinberg, REBNY senior vice president of policy. “Without policies in place to spur greater rental housing construction, one cannot expect this problem to fix itself. Elected officials in Albany must take action to create new housing that will support our housing market and broader economy.”