Renter catastrophe shows how bad NYC housing really isBy NY Post Editorial Board
July 30, 2022
The bad news for New York city housing just keeps coming. Recent data suggest that a full third of current rental vacancies — more than 22,000 — come from tenants moving out over post-COVID rent hikes
The pandemic drove people from the city, forcing landlords to offer sweetheart deals and concealing temporarily the persistent affordability issues that plague the city’s housing market. Now that COVID’s receded, the market’s heating back up, with the median listing for an available Manhattan unit setting a new record in June at $4,050.
Progressive groups will cry foul and blame landlords for their alleged greed. They’ll recommend pie-in-the-sky affordable-housing policies — while simultaneously kiboshing development and congratulating themselves for it.
Recall that in May, the city lost out on more than 900 new apartments via the One45 project when the developer called it quits because of thoughtless progressive opposition on the City Council. That’s consistent with longer-term numbers. Per one analysis based on federal Census stats, in 2020 (the last year with full data available) New York City permitted just 2.41 units of new housing for every 1,000 residents. Miami saw 13.3; Austin 18.8.
So it’s clear the key to solving New York City’s housing crisis doesn’t lie in supply restrictions. It lies in letting developers build as much as they can and having the market take care of the rest.
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Source:
https://nypost.com/2022/07/30/renter-catastrophe-shows-how-bad-nyc-housing-really-is/
