The Real Estate Board of New York (REBNY) has recently released its Multi-Family Foundation Plan Application Report, which reveals a decline in residential foundation filings in New York City through August 2023. Only 201 plan applications, representing a total of 6,542 units, were filed during the first eight months of this year. This puts the city on track to start fewer than 10,000 units for multifamily projects by the end of the year – well below its goal of creating half a million units over the next decade.
Manhattan accounts for approximately one-fifth (21%) or 44 buildings that have been filed since April 2021; however only accounting for just under one-sixth (15%) within these last eight months alone.
To meet this ambitious target set forth by REBNY and other industry experts alike would require an annual production rate of at least fifty thousand housing units per year – far surpassing historical data from both previous decades where it averaged around twenty thousand annually throughout both periods respectively. In light if such findings and statistics thus far into current market trends as they relate to NYC’s housing supply crisis- REBNY stresses upon policymakers’ need to address said issue with urgency moving forward.
