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NY Post
New York Post
20 Aug 2023


NextImg:Housing stock in these trendy key NYC neighborhoods is increasingly declining: study

There go the neighborhoods.

Some of New York City’s most iconic residential areas — from the West Village to Hell’s Kitchen and the Upper West Side — are increasingly losing more of their coveted stock of homes and apartments as the Big Apple’s housing shortage hits levels of ferocity previously unseen, according to a new analysis from the Department of City Planning.

The number of homes and apartments in nearly a dozen Big Apple neighborhoods declined last year, says the report, set to be released Monday and exclusively obtained by The Post.

Almost all of the new housing production across the five boroughs instead has been concentrated in just a few small areas over the past decade: mainly Hudson Yards, Long Island City in Queens and Williamsburg, Greenpoint, downtown Brooklyn, DUMBO and Bedford-Stuyvesant in Brooklyn, the study shows.

“For too long, housing production has been too heavily concentrated in just a few of New York’s neighborhoods,” said city Planning Commissioner Dan Garodnick in a statement that will announce the report’s findings.

The number of homes and apartments in nearly a dozen NYC neighborhoods declined last year.
Christopher Sadowski

The figures provide new evidence of the depth and breadth of the city’s housing shortage, which has forced rents into the stratosphere — the average new lease in Manhattan in July cost nearly $5,600 per month — and colors virtually every other facet of Big Apple life.

Garodnick’s department is set to introduce a slew of tweaks to the city’s decades-old zoning code — part of Mayor Eric Adams’ ‘City of Yes’ program — that aim to help the situation by simplifying and speeding housing construction across the city.

“To build a City of Yes, take on our housing crisis, and grow our economy, every neighborhood must contribute to our city’s housing growth,” Garodnick said in the statement.

Eric Adams.

A slew of tweaks to the city’s decades-old zoning code will be implemented as part of Mayor Eric Adams’ ‘City of Yes’ program.
Robert Miller

The report specifically found that Manhattan’s trendy Greenwich Village lost 23 units of housing, while just 10 new apartments or homes were completed.

Hell’s Kitchen lost 35 while gaining just 21.

Other neighborhoods that lost more housing last year than was built include the western section of Midwood in Queens, eastern portions of Gravesend in Brooklyn, Cambria Heights in Queens, Hamilton Heights in Manhattan and Kingsbridge in the Bronx.

A friend of the photographer puts a hand on the glass barrier overlooking the Manhattan skyline .

The city’s housing shortage has forced rents into the stratosphere.
Getty Images

Overall, New York City added just 26,000 units of housing last year — only half of Adams’ moonshot target of 50,000 annually.

Those who can afford current eye-watering rental prices are being forced into bidding wars, while less fortunate New Yorkers languish in the city’s scandal-scarred shelter system for months even after receiving a housing voucher, in part because there are so very few apartments to be had.

A new report from the renowned RAND Corporation think tank calculated that New York City’s housing shortage has grown by nearly 50 percent in the past decade.

The five boroughs needed another 342,000 homes and apartments to meet the level of demand seen in 2019 — up from the 245,000-unit gap between supply and demand that existed in 2012.

“As job growth in the city continues to outpace housing production, rents within the city have soared, particularly among low-income households that experienced rent increases of more than 25 percent between 2005 and 2021,” the study found.

“Prospective residents have increasingly sought housing outside the city, placing additional housing price pressure on surrounding regions.”

Housing prices on Long Island, which builds fewer homes and apartments than even New York City, have jumped 66% over the last decade.

Adams and Gov. Kathy Hochul have rolled out changes to city and state housing regulations in an attempt to spur additional housing production.

Residential apartment buildings are seen on July 26, 2022 in New York City.

New York City added only 26,000 units of housing last year.
Getty Images

They’ve proposed measures that would require communities long resistant to construction to build new housing, speed environmental reviews, allow for the conversions of empty office towers, permit the construction of larger housing developments and revive controversial property tax breaks that developers say are needed to make the projects profitable.

But those efforts so far have failed in the face of stiff opposition from lawmakers from all directions: suburban lawmakers detest the measures that would effectively force new construction; longtime Manhattan lawmakers oppose the measures that would allow for larger buildings; labor unions are upset the package did not contain measures requiring higher wages, and lefty progressives from the outerboroughs have blamed new construction for fueling gentrification.

Another report released earlier this spring by the Pew Charitable Trust examined zoning changes in four US cities that aimed to boost housing production and found they saw smaller hikes in housing costs than the national average.

One of those cities, nearby New Rochelle in Westchester County, actually saw rents decline by 5 percent.