REBNY’s Multi-Family Foundation Plan Application Report for February 2024 reveals a slight increase in foundation application filings, with 34 projects and 903 proposed dwelling units. However, these numbers fall significantly below the levels necessary to address New York City’s housing needs. This trend began in June 2022 after the expiration of the 421a program and has persisted with an average of only 25 initial foundation filings per month over the past year.
Of particular concern is the stagnation of large building filings, as only two initial applications were submitted in February for buildings with over one hundred residential dwelling units. These projects accounted for forty-four percent of proposed units during this period and are crucial for total housing unit production since they represented fifty-five percent of proposed dwelling units in 2023. The continued lack of filings highlights challenges faced when meeting NYC’s housing demands.
