New York City sounded the alarm this week after a report shed further light on the city's housing crisis.
The amount of available apartments across the five boroughs dropped to a low rate not seen in more than five decades, according to the NYC Housing and Vacancy Survey. The report, done on average every three or so years, found the vacancy rate in the city had dropped down to 1.4%.
Not since 1968 has New York City seen its vacancy rate drop to such a startlingly low percentage, city officials emphasized Thursday.
Last year's low rate reflects a stark nosedive from the previous survey done only two years prior, which found the rate stood around 4.54% in 2021. That year's survey had been delayed due to the COVID-19 pandemic.
Quite possibly the most startling statistic drawn from the city data, is the vacancy for units under $2,400. Apparently, the net rental vacancy for rentals below that price point sits below 1%.
Mayor Eric Adams said the numbers show demand to live in the city is far outpacing the ability to building housing.
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"The data is clear: the demand to live in our city is far outpacing our ability to build housing. New Yorkers need our help, and they need it now,” Adams said in a statement.
The city's vacancy analysis found that in January to June of 2023, only about 33,000 of the city's 2.3 million apartment stock were available to rent.
“To meet this need and turn the tide on our long-standing housing crisis, we need action from colleagues across the City and State to support our housing agenda, and to advance proposals and projects that will allow us to build and preserve more housing in every neighborhood across the city," Deputy Mayor for Housing, Economic Development and Workforce Maria Torres-Springer said.
The housing survey is meant to determine New York City's "continued need for rent control and rent stabilization."
Proposals included in the survey cover new tax incentives on affordable housing, reforming zoning policies, and the need for additional financial assistance from the federal government.
