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Thursday, October 31, 2019

New York Housing SHORTAGE Threatens JOB Boom, Economic GROWTH

New York housing shortage threatens job boom, economic growth
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Nolan Hicks

New York City and its suburbs aren’t building enough housing to keep pace with job growth, exacerbating the region’s affordability crisis and threatening future economic growth.
“[T]he Region’s housing supply has not been keeping up with job growth in recent years,” the city Planning Department study argues. “This pattern would be expected to heighten affordability challenges and create headwinds to further business growth.”
The report, released Wednesday, found that New York and its tri-state suburbs — including Long Island, Westchester, northern New Jersey and Connecticut — averaged just 46,000 permits for new apartments and homes per year between 2009 through 2018.
That’s down roughly a third from an average of 64,000 permits between 2001 and 2008 — before the Great Recession struck.
New York and its suburbs added just .5 units of new housing per job created over the last decade, down from an average of 2.2 new houses or apartments built per new job before the recession, the 32-page report found.
Over the last decade, New York City permitted more housing than any other part of the metropolitan area — averaging 20,000 new houses or apartments annually.
Northern New Jersey placed a close second as communities across the Hudson permitted 18,000 new units annually, the study shows.
However, New York’s eastern Long Island suburbs remained practically free of new construction — permitting fewer than 2,000 new houses and apartments on average each year over the decade.
That’s a dramatic 58 percent drop from already low pre-recession levels.
City Hall said in a statement that they bested their decade average in 2018, issuing permits to build 22,000 new units of housing.
“It’s key that we continue to produce housing at a high pace, and we need our neighbors to do the same if we are going to address regional housing affordability and support economic growth,” said City Planning spokeswoman Rachaele Raynoff.
Source>https://nypost.com/2019/10/30/new-york-housing-shortage-threatens-job-boom-economic-growth/

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