Housing supply in New York City refers to the total number of residential units available to accommodate the city's population, which is currently constrained by regulatory, land-use, and economic factors. This page covers CBC's work on zoning reform, environmental review processes, construction costs, office-to-residential conversions, and the management of public housing.
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The City should take full advantage of State and federal resources and partner with the private sector to deliver the housing that New Yorkers need.
The Administration should make changes to the Mayor’s Management Report to publicly track progress on the housing plan.
The City should take a critical look at the City’s building codes, including unique requirements for elevators and plumbing that contribute to New York having the world’s highest construction costs.
The plan should maximize PACT, the Preservation Trust, and new infill development as the most viable strategies to swiftly repair and rebuild NYCHA housing.
The plan should allow more as-of-right development, especially near transit, and leverage newly streamlined review processes to build more housing in neighborhoods that have resisted growth.
Key Data
In March 2026, an analysis of environmental reviews showed that in 2024, state courts decided 43 SEQRA challenges, of which only 5 prevailed, yet the threat of litigation continues to delay projects.
As of September 2025, New York City's rental vacancy rate was at a record low of 1.4%, and the asking rent for vacant apartments reached a record-high of $3,730 in July.
In September 2025, the Citizens Budget Commission highlighted that the city's land use process is highly inefficient, with private rezoning approvals taking 2 to 3 years and adding as much as $82,000 to the cost of each housing unit.
In February 2025, the Citizens Budget Commission reported that compromises demanded by the City Council to secure approval for the City of Yes for Housing Opportunity cut nearly 30,000 potential units from the plan.
In June 2024, the Citizens Budget Commission cited a 2021 report finding that New York City needs an additional 560,000 housing units by 2030, with 227,000 units needed immediately to make up for past underproduction.
Mayor Mamdani's "Block by Block" housing plan aims to increase housing production through as-of-right development near transit, streamlined review processes, and reforms to building codes that currently inflate construction costs. The strategy also prioritizes the repair and rebuilding of NYCHA housing through PACT, the Preservation Trust, and infill development, while emphasizing the need for public tracking of progress and private sector partnerships.
Recommendations related to Housing Supply
The City should take full advantage of State and federal resources and partner with the private sector to deliver the housing that New Yorkers need.
The Administration should make changes to the Mayor’s Management Report to publicly track progress on the housing plan.
The City should take a critical look at the City’s building codes, including unique requirements for elevators and plumbing that contribute to New York having the world’s highest construction costs.
The plan should maximize PACT, the Preservation Trust, and new infill development as the most viable strategies to swiftly repair and rebuild NYCHA housing.
The plan should allow more as-of-right development, especially near transit, and leverage newly streamlined review processes to build more housing in neighborhoods that have resisted growth.
Mayor Mamdani's SPEED reforms aim to address the city's housing crisis by accelerating housing production and occupancy to reduce costs and help residents find homes more quickly. These initiatives establish clear benchmarks for success to foster a more affordable and competitive environment for all New Yorkers.
New York's State Environmental Quality Review Act (SEQRA) has become a significant barrier to housing production, as the lengthy and bureaucratic review process increases costs and creates opportunities for legal challenges that delay or kill critical projects. Governor Hochul has proposed exempting strategic priorities like multifamily housing from these requirements to accelerate development and address the state's immense housing shortage.
Recommendations related to Housing Supply
Governor Hochul should exempt multifamily housing from SEQRA to accelerate development and address the state's housing shortage.
The state should reform environmental review processes to rebalance public decision-making so that New York can address its mounting needs at a pace befitting the scale of its challenges.
Key Data
43
— Number of SEQRA challenges decided by State courts in 2024.
23 months
— Median time to complete environmental review and pre-certification for projects using streamlined assessments.
33 months
— Median time to complete environmental review and pre-certification for projects undergoing a full Environmental Impact Statement.
$2.2 million
— Average home value in Sag Harbor, where a 79-unit affordable housing complex was blocked using SEQRA.
New York's housing supply is a critical factor in the city's economic health, with expanding production being essential to improving affordability and ensuring the city remains a viable place for a diverse range of residents. Addressing the severe housing shortage is a key component of strengthening the city's value proposition and retaining its population.
Recommendations related to Housing Supply
Expanding housing production to improve affordability is paramount to ensuring that living in New York remains feasible and attractive for a broad range of residents.
New York City faces a severe housing shortage driven by the highest construction costs in the world, which are inflated by restrictive regulations, complex approval processes, and unique liability laws. To address this, the city and state must modernize building codes, streamline permitting, and reform land-use policies to make housing production economically viable and increase supply.
Recommendations related to Housing Supply
The City could align construction codes and regulations, which are often now bespoke to New York, with best practices from other global cities.
The State should repeal New York’s exceptional Scaffold Law and adopt the liability standards used in every other state in the country.
The City and State should focus on predictability and simplicity over site-by-site approval processes, with speedy permitting, as-of-right approvals and simple financing and design requirements for affordable housing.
The State should reform environmental review laws to exempt beneficial projects.
The City should rezone to increase opportunities for development and chip away at the scarcity that drives up prices.
The City and State should better balance the trade-off between prevailing wage requirements and production to ensure new residential development remains financially feasible.
Key Data
1.4%
— The citywide vacancy rate in New York City, which is the lowest it has been since 1968.
$3,730
— The record-high asking rent for vacant apartments in New York City as of July.
25,000 units
— The average annual housing production level in New York City in recent years, which needs to be doubled to 50,000 units.
23%
— The additional cost to build affordable projects in New York City that are subject to prevailing wage requirements.
$82,000
— The estimated increase in hard and soft costs per unit caused by a two-year discretionary review process.
7%
— The minimum increase in total development costs attributed to the Scaffold Law.
New York City's current land use process is often too slow, expensive, and uncertain, which hinders the development of necessary housing. Voting yes on ballot questions 2, 3, 4, and 5 would streamline review procedures, modernize mapping, and create appeals processes to help increase housing production across the city.
Recommendations related to Housing Supply
Vote Yes on Question 2, which would create fast track reviews for affordable housing through the Board of Standards and Appeals (BSA) and for mixed-income residential projects in the neighborhoods that produce the least affordable housing.
Vote Yes on Question 3, which would create an Expedited Land Use Review Procedure (ELURP) for three types of zoning proposals.
Vote Yes on Question 4, which would create an Affordable Housing Appeals Board to help balance citywide needs with neighborhood concerns.
Vote Yes on Question 5, which would modernize the administration of the City Map to increase the efficiency and cost effectiveness of government operations.
Key Data
2 to 3 years
— The time required for private rezoning application approval under the current land use process.
$82,000
— The additional cost added to each housing unit in 2025 dollars due to the current land use process.
12
— The number of Community Districts that permitted the least affordable housing over the preceding five years.
30 percent
— The allowed increase in residential capacity for medium- and high-density districts under the proposed ELURP.
8,000
— The number of individual paper maps currently used to administer the City Map.
45 feet
— The height limit for projects in low density residential districts under the proposed ELURP.
CBC's Andrew Rein was joined by NYC Director of City Planning Dan Garodnick and NYCEDC President & CEO Andrew Kimball for a wide-ranging discussion on job and population trends, housing affordability, and economic development in a time of uncertainty. Dan Garodnick is Director of the New York City Department of…
New York City's lengthy and uncertain land use review process adds up to $82,000 per unit in construction costs and delays private rezoning approvals by an average of 2.5 years, severely restricting housing production. To address the housing shortage, the city must reform its charter to prioritize citywide housing needs over local opposition, limit councilmember deference, and align land use decisions with long-term strategic goals.
Recommendations related to Housing Supply
The City should offer ample opportunity for as-of-right development while also facilitating approval of discretionary actions aligned with citywide goals for jobs, housing, and resiliency.
The land use process should evaluate proposals based on potential benefits and alignment with the goals of its Charter-mandated strategic plan and other plans.
The City should ensure advisory reviews at the community level are more collaborative, participatory, and productive to facilitate housing growth.
The City should ensure that balancing citywide needs and neighborhood concerns is not circumvented by member deference.
Key Data
$82,000
— The potential increase in construction costs per unit for residential projects due to a two-year-long review process.
2.5 years
— The average time private rezoning applications filed between 2014 and 2017 took to secure approvals.
14 months
— The median time to approve dispositions of City-owned land through the Department of Housing Preservation and Development’s Urban Development Action Area Program.
10%
— The share of new housing units completed in New York City accounted for by privately initiated rezonings.
30,000
— The number of potential housing units cut from the City of Yes for Housing Opportunity plan due to compromises demanded by the City Council.
171
— The number of private proposals that came forward during the four-year study period.
While the City of Yes initiative is a positive step for housing development, it only addresses one-fifth of the city's total housing production needs and resulted in the loss of 30,000 potential units. Furthermore, the $5 billion in associated spending commitments must be offset by savings elsewhere to prevent exacerbating the projected $8 billion fiscal year 2026 budget gap.
Recommendations related to Housing Supply
The City Council and the Administration should develop and implement plans that will boost even more production all across the City and especially in neighborhoods carved out of the final City of Yes deal.
New operating budget spending associated with the housing compromise must be paid for with reduced spending elsewhere to avoid widening budget gaps.
Key Data
one-fifth
— The portion of New York City’s needed additional housing production that the City of Yes will yield.
30,000
— The number of potential housing units cut from the agreement due to compromises.
$5 billion
— The amount in commitments secured by the City Council as part of the compromise.
$8 billion
— The amount by which the fiscal year 2026 budget gap exceeds expectations when underbudgeted services are included.
80,000. That’s the number of additional new housing units the Adams’ Administration hopes will be developed over the next 15 years thanks to the City of Yes for Housing Opportunity. The City Council votes this week on Mayor Eric Adams’ plan to tackle the housing crisis. However, that is not…
New York City's housing crisis requires immediate action, and the proposed "City of Yes" zoning amendment is a critical step to increase housing production across all neighborhoods. To effectively address the city's severe housing shortage and improve affordability, the City Council should pass the amendment without exemptions or restrictive mandates that hinder development.
Recommendations related to Housing Supply
The City Council should pass the City of Yes as is, without exempting neighborhoods.
The City Council should avoid attaching restrictions or mandates that make it financially untenable to build rental housing.
The City Council should not condition their approval of City of Yes on new spending or capital projects unrelated to the text amendment.
The City Council should not scale back the scope of individual City of Yes provisions by imposing onerous affordability restrictions or wage mandates.
The City Council should oppose any proposals that would reduce zoning capacity or trade growth in one area of the city for stasis elsewhere.
Key Data
1.4 percent
— New York's rental vacancy rate is at a record low.
twice
— The severe overcrowding rate for renters is double the national average.
four times
— The severe overcrowding rate for homeowners is quadruple the national average.
1 in 3
— The proportion of city households living in homes significantly larger than they need for their household size.
$300 million
— The amount of income and sales tax revenue lost in fiscal year 2022 due to persistently negative outmigration caused by housing affordability and availability.
$2 billion
— The potential annual tax revenue lost due to the city's severe housing shortage.
109,000 is the number of new homes New York City aims to create over the next 15 years through its City of Yes for Housing Opportunity zoning proposal.
New York City's housing production must double to address a severe shortage that has driven the rental vacancy rate to a record low and costs the city billions in potential tax revenue. To improve affordability and quality of life, the city must implement the "City of Yes for Housing Opportunity" zoning amendment to increase development capacity across all neighborhoods.
Recommendations related to Housing Supply
The City Planning Commission and the City Council must hold the line against such opposition to needed progress.
The final zoning text needs to result in a meaningful increase in development capacity—citywide—to have any chance at improving affordability and quality of life.
Public officials also should oppose any proposals that would reduce zoning capacity or trade growth in one area of the city for stasis elsewhere.
Housing production in New York City needs to double to meaningfully improve affordability.
Build more housing of every type in every neighborhood.
Key Data
1.4 percent
— New York's rental vacancy rate, which is at a record low.
$300 million
— Cost to the City in income and sales tax revenue in fiscal year 2022 due to persistently negative outmigration.
$2 billion
— Potential annual tax revenue lost due to the severity of the city's housing shortage.
1 in 3
— New York City households living in homes that are significantly larger than they need for their household size.
New York City's persistent housing underproduction has created a severe shortage that drives up costs, limits mobility, and contributes to significant outmigration, resulting in hundreds of millions of dollars in lost tax revenue. To address this crisis, the city must implement broad-based zoning reforms and state-level policy changes to increase housing supply at the scale necessary to improve affordability and economic competitiveness.
Recommendations related to Housing Supply
Boosting supply will require both State legislative action and local zoning changes, such as those in the Adams Administration’s City of Yes for Housing Opportunity proposal, that increase the capacity for development throughout the city.
By modernizing the City’s zoning ordinance to allow more housing everywhere, the City can start to chip away at a housing shortage that has been years in the making.
Much more will need to be done at the State level to increase production at the scale needed to improve affordability, including reforming the State’s environmental review laws; passing laws to encourage development in the downstate suburbs; repealing the Scaffold law, which drives up insurance costs; modernizing building codes; and reforming the City’s property tax policy.
Increasing the supply of housing—everywhere—is essential to a healthier housing market for all households and to a higher quality of life for all New Yorkers.
Building more homes, at sufficient scale, improves affordability over time as new construction increases vacancy rates and frees up existing units for current residents to move into.
Key Data
$300 million
— Estimated conservative loss in personal income and sales tax revenue in 2022 due to net outmigration.
$1.4 billion to $1.9 billion
— Potential annual increase in City tax revenue if enough housing is built to close the supply gap.
160,000
— Number of residents lost by New York City in 2022 due to net domestic outmigration.
1.4%
— Rental vacancy rate in New York City, the lowest level since the City started tracking in the 1960s.
22%
— Increase in New York City rents from pre-pandemic levels as of April 2024.
560,000
— Additional housing units needed in New York City by 2030, according to a 2021 report by AKRF.
1.4% is NYC’s current—and historically low—apartment vacancy rate. New York City and State are in the throes of a housing crisis caused by decades of underproduction. To discuss the latest housing policy news affecting both NYC and the state, we’re joined by national housing expert Vicki Been, professor at NYU's…
New York City's public housing authority faces a $60 billion capital funding gap and deteriorating living conditions, with nearly half of residents reporting multiple housing issues. To address these challenges, the authority must accelerate the conversion of units to Section 8 through PACT and the Preservation Trust while simultaneously improving management efficiency and labor productivity.
Recommendations related to Housing Supply
Fix or replace deteriorating buildings with PACT and the Preservation Trust.
Improve management effectiveness and efficiency, and publicly track progress and impact.
Negotiate savings, boost productivity, and modernize property management through collective bargaining.
Overhaul the rent collection process.
Key Data
$60 billion
— Total five-year capital needs for NYCHA developments.
$791 million
— The gap between public housing expenses and core operating income in 2023.
43 percent
— Share of public housing residents who reported three or more housing condition issues in the 2023 survey.
46.5 percent
— Share of households behind on their rent in October 2023.
$511 million
— Amount of federal capital funds diverted in 2022 and 2023 to fill the operating budget gap.
The enacted New York State Fiscal Year 2024 budget fails to address the housing production and affordability crises by rejecting the Governor's proposed strategies. Without implementing measures like streamlining environmental reviews and legalizing accessory dwelling units, the state's housing shortage will continue to worsen.
Recommendations related to Housing Supply
State leaders should streamline environmental review to address the housing production and affordability crises.
State leaders should eliminate the floor area ratio cap to help alleviate the housing production and affordability crises.
State leaders should promote transit-oriented development to address the housing production and affordability crises.
State leaders should legalize accessory dwelling units and basement apartments to address the housing production and affordability crises.
State leaders should extend and enact a successor to 421-a to address the housing production and affordability crises.
Governor Hochul's fiscal year 2024 budget proposal aims to double housing production in New York by creating 800,000 new units over the next decade through zoning reforms and regulatory changes. These strategies focus on removing barriers to development, such as environmental review requirements and floor area ratio caps, to increase affordability without significant public spending.
Recommendations related to Housing Supply
Local governments should be required to plan and zone for growth by either meeting production targets or allowing streamlined development.
Municipalities should rezone for transit-oriented development to increase housing density.
New York City should create a path to legalize basement apartments to maximize housing production potential.
The state should lift the floor area ratio (FAR) cap on new development and modify the cap for commercial conversions.
Policymakers should provide a tax incentive for the conversion of offices to mixed-income rentals to facilitate housing creation.
The state should extend the construction completion deadline for active 421-a projects to ensure project viability.
Key Data
800,000
— New units of housing intended to be created over the next decade under the proposed package of bills.
Converting underutilized commercial office space into residential units can help address housing supply needs, provided policymakers implement targeted regulatory reforms and cost-effective incentives. By lifting restrictive zoning caps and allowing as-of-right conversions, the city can unlock millions of square feet of potential housing while maintaining fiscal responsibility.
Recommendations related to Housing Supply
Policymakers should implement regulatory reforms, such as lifting the Floor Area Ratio (FAR) cap and making zoning and building code changes, to make conversion possible for buildings that would otherwise be prohibited or financially infeasible.
The City should allow conversions as-of-right, rather than through discretionary processes, to maximize the potential number of conversions and allow the market to determine where they are the best option.
Policymakers should ensure that tax incentives are well-targeted and cost-effective for projects that require subsidy or tax breaks.
The City should implement zoning changes to allow more commercial buildings to convert to residential use as-of-right.
Policymakers should recognize that tax incentives would be needed to support mixed-income rental conversions.
Key Data
13 million square feet
— of commercial space was converted into 12,865 residential units in lower Manhattan.
12,865
— residential units were created from 13 million square feet of converted commercial space.
120 million square feet
— of office space built at densities greater than 12 FAR could be converted in their entirety to residential use if the FAR cap is lifted.
12 FAR
— is the density threshold above which buildings are currently restricted from full residential conversion.
The Climate Action Council's Final Scoping Plan aims to reduce greenhouse gas emissions by 40 percent by 2030 and 85 percent by 2050, but requires more rigorous cost-benefit analysis to ensure proposals effectively reduce emissions without causing undue economic harm. Strategies to meet these climate goals include increasing housing density near public transit through transit-oriented development.
Recommendations related to Housing Supply
The state should implement strategies to increase housing density near public transit via transit-oriented development.
The 421-g program successfully incentivized the conversion of nearly 13 million square feet of obsolete office space into 12,865 residential units in lower Manhattan between 1995 and 2006. Future efforts to address housing supply through office-to-residential conversions require regulatory relief, such as lifting floor area ratio caps, and an as-of-right approval process to ensure economic feasibility.
Recommendations related to Housing Supply
Regulatory relief of various forms is essential, including lifting the FAR cap to unlock the potential of future projects.
An as-of-right approvals process is needed to ensure that the market is able to dictate when and where office-to-residential conversions make sense.
Care is needed to design a cost-effective incentive that achieves stated goals without providing subsidies that are more than necessary.
Any conversion program should be based on a detailed financial feasibility analysis that looks at the types of conversions that would be feasible without subsidy, and which would require subsidies.
Policymakers should also consider different incentive structures to limit the City’s fiscal downside risk, such as capping incentives based on square footage.
Key Data
13 million square feet
— Amount of office space converted to residential use in lower Manhattan between 1995 and 2006 using the 421-g incentive.
12,865 units
— Number of new residential units created through the 421-g program.
$1.2 billion
— Nominal cost of the 421-g property tax incentive through the end of fiscal year 2022.
$92,000
— Nominal cost per unit of the 421-g property tax incentive.
$1.7 billion
— Total tax expenditure of the 421-g program in constant 2022 dollars.
$132,000
— Cost per unit of the 421-g program in constant 2022 dollars.
New York City's property tax system imposes high tax burdens on rental housing, which disincentivizes development and contributes to sluggish housing production. Comprehensive reform is needed to address these inequities and encourage the construction of new rental units.
Recommendations related to Housing Supply
The City should release a detailed analysis that assesses how tax burdens would be redistributed within the proposed new residential class.
The Commission should make additional recommendations if current assessment procedures do not lead to equitable treatment for rental buildings and commercial property.
Policymakers should narrow the differences in tax burdens between property classes to encourage the development of rental housing.
The City should analyze the extent to which there may be intra-class inequities resulting from Department of Finance valuation methods.
Policymakers must consider the proposed property tax reforms holistically, as implementing reforms piecemeal could lead to greater inequities and uncertainty.
Key Data
$1.5 trillion
— The estimated total market value of the new residential class, representing a 40 percent increase from the current valuation.
0.81 percent
— The nominal tax rate for the new residential class before a homestead exemption and circuit breaker, compared to current rates of 20.309 percent in Class 1 and 12.267 percent in Class 2.
$0.83 per $100
— The median effective tax rate for one- to three-family homes, which is significantly lower than the $1.53 rate for large rentals and $1.72 for office buildings.
16 percent or 19 percent
— The increase in tax liability for properties not eligible for a homestead exemption under the proposed tax relief programs.
As Chief Housing Officer, Katz oversees the Department of Housing Preservation and Development, the New York City Housing Authority, the Housing Development Corporation, the Mayor’s Office of Housing Recovery Operations and the Mayor’s Office to Protect Tenants. Katz most recently served as executive director of the research nonprofit Citizens Housing…
New York City's land use decision-making process is overly complex, uncertain, and time-consuming, which restricts the city's ability to produce necessary housing and jobs. Reforming this process by streamlining environmental reviews and creating clearer evaluation criteria is essential to modernize zoning and encourage development that meets the city's needs.
Recommendations related to Housing Supply
New York State should amend environmental review laws to reduce barriers to beneficial growth and development.
New York State should encourage local governments to streamline approvals of projects that help achieve identified regional housing and job-creation goals.
New York City should create a process that evaluates proposals based on potential benefits and alignment with goals of its Charter-mandated strategic plan and other plans.
New York City should make advisory reviews at the community level more collaborative, participatory, and productive.
New York City should streamline and rationalize environmental review within limitations of State law.
New York City should better balance citywide needs and neighborhood concerns through an appeals process or requirement of a City Council supermajority to reject an application.
Key Data
171
— Number of private rezoning applications citywide initiated between 2014 and 2017.
60%
— Percentage of private rezoning applications initiated between 2014 and 2017 that were ultimately approved.
30 months
— Median length of time to secure approval for the 103 projects that were approved.
11% to 16%
— Increase in development costs caused by a two-year-long discretionary approval process.
887 days
— Median approval time for all private discretionary projects in New York City.
990 days
— Median approval time for residential projects with 150+ units in San Francisco.
New York City must implement a comprehensive, growth-oriented housing plan that sets clear production goals for all housing types, not just affordable units, to address the city's immense housing shortage. Achieving this requires broad-based rezonings to increase development capacity, improved operational efficiency, and property tax reform to make building new housing financially feasible.
Recommendations related to Housing Supply
The City should set goals for total housing production (inclusive of both income-restricted and market-rate units), the net growth in housing units citywide, and the net change by community district.
Doubling production will require broad-based rezonings to increase as-of-right development capacity in every neighborhood.
The City should track and publish outcome metrics, such as the share of rent burdened households, to monitor the effectiveness of both demand- and supply-side policies.
The plan should set ambitious but achievable production goals, identify needed operational and policy actions, and commit to tracking publicly both the process and results.
The land-use decision-making process should be improved so that local representatives have a strong voice but do not hamper the city’s ability to meet its stated goals.
New York requires property tax reform and the right tax and other incentives to encourage mixed-income development.
The City should identify the specific operational and policy actions needed to achieve housing goals.
Key Data
560,000
— Number of additional housing units New York City needs by 2030 to meet existing needs and future population growth.
50,000
— Number of housing units that need to be permitted annually to meet growth needs, which is twice as many as issued in recent years.
40%
— Amount fewer permits for housing units issued per resident in New York City compared to San Francisco.
20%
— Percentage of the city’s residential lots that have enough capacity under current zoning to make it worthwhile to develop.
22,000
— Number of vacant positions within the city that could be utilized to help improve basic operations and housing services.
New York City requires 560,000 new housing units by 2030 to address population growth and existing shortages, necessitating a shift toward citywide zoning changes that increase development capacity. To achieve this, the city must implement a comprehensive housing plan that includes property tax reform, streamlined approval processes, and broader upzoning to ensure development is financially feasible and meets demand across all neighborhoods.
Recommendations related to Housing Supply
New York City must become a 'city that says yes' to more of all housing types across the city to ensure it remains an affordable place to live.
The city should set ambitious but achievable housing production goals, identify necessary operational and policy actions, and commit to publicly tracking both the process and results.
The city must speed up approval times for zoning certifications, building permits, and certificates of occupancy to improve basic operations.
The city requires broader upzoning to increase allowable building sizes to provide enough density to meet ambitious housing production targets.
New York City must implement property tax reform and provide the right tax incentives to make the development of all housing types financially feasible.
Key Data
560,000
— The number of housing units New York City needs by 2030 to meet existing needs and future population growth.
50,000
— The number of housing units that must be permitted annually to meet housing needs, which is twice as many as issued in recent years.
40%
— The percentage fewer housing permits issued per resident in New York City compared to San Francisco.
22,000
— The number of vacant positions in the city that could be utilized to help improve basic operations like speeding up approval times.
20%
— The percentage of the city’s residential lots that have enough capacity under current zoning to make development worthwhile.
New York City's 421-a property tax exemption is essential for rental housing development, as high construction and operating costs make projects financially unfeasible without such subsidies. Replacing this program with the proposed Affordable Neighborhoods for New Yorkers (ANNY) requires modifications to better align with diverse market conditions, improve transparency, and harmonize with existing city housing initiatives to ensure continued housing production.
Recommendations related to Housing Supply
State lawmakers should modify ANNY to increase the amount of affordable and market rate rental development by offering additional options for rental buildings outside the Manhattan core and waterfront neighborhoods that reflect lower market rents.
The City should ensure greater transparency and public reporting of data to support a robust assessment of the program’s impact and effectiveness, which would inform any successor program.
State lawmakers should harmonize the City and State affordable housing programs and reduce bureaucratic conflicts and red tape to yield more development and speed up the development process.
The City should collect and publicly report additional data on the projects that use ANNY, including the number and affordability levels of units produced as well as tax assessment data.
City officials should identify alternative approaches for aligning the Mandatory Inclusionary Housing (MIH) program with ANNY or other 421-a replacements to avoid adding uncertainty and years to the process.
Key Data
30%
— New York City's property taxes as a percentage of rental income, compared to 13% elsewhere in the country.
50%
— The amount by which the cost to operate a multifamily building in New York City is higher than the national average.
75%
— The percentage increase in rents that would be required to generate a reasonable rate of return without the 421-a tax exemption.
8%
— The increase in construction costs between February 2021 and February 2022.
60% to 65%
— The percentage of gross rental income that fully taxed rental buildings in New York report spending on expenses, compared to an average of 38% elsewhere in the country.
10%
— The amount by which New York's construction costs are higher than those in Los Angeles.
New York State should implement zoning reforms, including allowing for denser transit-oriented development and lifting residential floor area ratio caps, to boost housing production and affordability. Additionally, the state needs to stabilize the city's public housing stock by approving the Preservation Trust bill, enacting procurement reforms, and increasing financial support for public-private partnerships.
Recommendations related to Housing Supply
The State should require local governments to zone for denser transit-oriented development to increase regional housing supply.
The State should legalize accessory dwelling units to help meet the diverse housing needs of New Yorkers.
The State should lift the cap on residential floor area ratios to give New York City more tools and flexibility to stimulate housing production.
The State should encourage commercial-to-residential conversions to stimulate housing production, especially in the Manhattan core.
The State should approve the proposed Preservation Trust bill to help stabilize the future of NYCHA.
The State should enact procurement reform to reduce NYCHA’s costs by allowing it to use construction manager-build and construction manager-at risk procurement rules.
The State should increase financial support for Rental Assistance Demonstration (RAD) public-private partnerships to facilitate building and unit quality improvements.
Key Data
110,000
— Number of public housing units targeted for renovation through the proposed Preservation Trust.
The proposed 'Good Cause Eviction' legislation could negatively impact the housing market by discouraging new development and limiting the ability of property owners to maintain existing buildings. Instead of broad rent restrictions, policymakers should consider alternative interventions like the federal Section 8 Housing Choice Voucher program to address affordability for the lowest-income households.
Recommendations related to Housing Supply
Policymakers should ensure that any good cause policy allows for rent increases that are sufficient to encourage owners to maintain buildings and invest in repairs and rehabilitation.
To avoid discouraging investment in new rental housing, the legislation should exempt new development for a period of time, similar to policies in California and Oregon.
The legislation should include provisions that allow for existing residential buildings to be redeveloped to ensure the housing stock remains viable.
Policymakers should utilize other programs, such as the federal Section 8 Housing Choice Voucher program, to address rent burdens for the lowest-income households rather than relying on rent control.
Key Data
80 percent
— more maintenance deficiencies reported by New York City tenants of rent-stabilized units compared to those living in market-rate units.
37.5 percent
— cumulative increase in operating expenses for rent-stabilized units between 2010 and 2019.
15.1 percent
— cumulative increase in rents for rent-stabilized units between 2010 and 2019.
3.6 percent
— average annual growth in expenses of rent-stabilized buildings between 2010 and 2019.
15 years
— typical exemption period for new development under good cause laws in California and Oregon.
3.3 percent
— average annual rent increase the proposed bill's formula would have resulted in between 2010 and 2019.
Governor Hochul's 2022 State of the State address included proposals to increase housing supply, such as encouraging transit-oriented development, lifting floor area ratio caps, and easing the conversion of hotels and offices to residential use. These measures are identified as potentially helpful, though the long-term fiscal implications of the broader agenda remain to be evaluated.
New York State needs to address lagging housing production by facilitating development near transit networks and adopting policies that encourage suburban housing growth. Additionally, the New York City Housing Authority should be empowered to renovate 110,000 public housing units through the approval of a Preservation Trust and increased financial support for public-private partnerships.
Recommendations related to Housing Supply
The State should act to facilitate housing development and affordability, especially downstate.
New York State should follow the examples set by other states that encourage suburban housing development through a combination of incentives and mandates.
The State should help improve the New York City Housing Authority by approving the proposed Preservation Trust, enacting procurement reform, and increasing financial support for Rental Assistance Demonstration public-private partnerships.
Increasing financial support for RAD conversions at NYCHA by providing tax-exempt bonds and Low Income Housing Tax Credits would facilitate building and unit quality improvements to the benefit of tenants.
Key Data
110,000
— Number of public housing units that could be renovated by the New York City Housing Authority through the proposed Preservation Trust.
29 is the number of acres in the proposed Special Flushing Waterfront District. In our third episode on land use and zoning, we move from Brooklyn to Flushing, Queens to discuss the proposed district that could add 3 million square feet of housing, hotel, retail and office space; remediate Flushing…
8,200 is the number of new housing units that could be created by the proposed rezoning of Gowanus, Brooklyn. Councilmember Brad Lander joins "What's the [DATA] Point?" to discuss the rezoning plan and make the case for comprehensive planning.
New York City's housing shortage is driven by restrictive zoning, outdated construction regulations, and an inequitable property-tax system that discourages the development of multifamily buildings. To address the affordability crisis, the city and state must modernize building codes, reform the Scaffold Law, and implement comprehensive planning to increase housing production.
Recommendations related to Housing Supply
State and city lawmakers should advance policies to make it easier to build throughout the region.
New York should update the zoning code to allow for more housing production.
New York should set housing production targets as part of a comprehensive planning process.
New York should modernize outdated building-code provisions to keep pace with modern construction methods.
New York could enact laws to encourage municipalities to zone for growth, particularly in transit-rich areas.
New York should reform the property-tax system to stop taxing multifamily buildings at a higher rate than comparable owner-occupied housing.
New York should reform the Scaffold Law, which results in higher insurance premiums by holding contractors fully liable for all gravity-related workplace injuries.
New York should reform rent regulations that make it costly to build dense housing.
Key Data
60%
— 60% of all residential lots are zoned for low densities.
12%
— 12% of residential lots allow no more than single-family homes.
one in four
— Fewer than one in four residential lots are potential development sites based solely on the zoning code.
New York City's housing production has failed to keep pace with job growth, with the city issuing only 206,000 permits for new housing units in the 2010s while jobs increased by 22 percent. To address this, the city and state should implement a comprehensive citywide housing plan, reform the inequitable property tax system, and mandate that municipalities zone for more diverse housing types.
Recommendations related to Housing Supply
New York City should have a citywide housing plan that quantifies the city’s current and future housing needs at all market segments, identifies the gap between these needs and existing zoning capacity, and sets ambitious but achievable citywide production goals.
The City should continue to revise outdated or unique code requirements that increase costs and adopt strategies to encourage construction industry innovation.
New York State lawmakers could require municipalities to zone for both more housing and a wider variety of housing, including accessory dwelling units and multifamily residences, particularly in areas near commuter rail stations.
State lawmakers should pass reforms to make the City’s property tax system more equitable and efficient.
The City should continue to reduce parking requirements in areas with access to mass transit to reduce construction costs and encourage ridership.
The City should implement strategies to increase density near transit and along commercial corridors to boost housing production.
Key Data
206,000
— Number of permits issued for new housing units in New York City during the 2010s.
40%
— Percentage fewer units per capita issued by New York City compared to San Francisco.
22%
— Increase in the number of jobs in New York City between 2010 and 2018.
4%
— Increase in New York City's housing stock between 2010 and 2018.
7%
— Estimated increase in total development costs due to New York's unique construction liability laws.
$1.6 Billion
— Cost of 421-a tax exemptions in fiscal year 2019 in foregone City tax revenue.
New York City's median household spends $1,778 monthly on housing, which contributes to the city's affordability challenges as inflation-adjusted rents grew by 6.2 percent between 2014 and 2017. To maintain competitiveness, the city must implement strategies to increase housing supply and mitigate rising cost pressures.
Recommendations related to Housing Supply
In order to maintain competitiveness, New York City should consider strategies and policies to address housing supply and alleviate housing cost pressures.
Key Data
$1,778
— Monthly housing costs for the median household in New York City.
6.2%
— Growth in inflation-adjusted rents in New York City between 2014 and 2017.
$69,211
— Median annual household income in New York City.
New York City faces a housing crisis driven by high costs, low supply, and regional disparities, with population growth outpacing new construction. To address this, policymakers should prioritize increasing housing production by reforming zoning, tax systems, and regional planning.
Recommendations related to Housing Supply
Lifting the cap on floor-area ratio for residential buildings would help address some of these issues.
City and State lawmakers should ensure that zoning codes match the needs of a growing region to boost housing production.
City and State lawmakers should reform New York City’s property tax system to make it easier to build rental housing without the need for substantial subsidies.
City and State lawmakers should find ways to incentivize the suburbs to build sufficient housing to meet the regional demand.
Key Data
920,000
— renter households in New York City that were rent burdened, paying at least 30 percent of their incomes in rent.
30 percent
— of their incomes paid in rent by renter households considered rent burdened.
50 percent
— of their incomes paid in rent by renter households considered severely rent burdened.
22 percent
— of all units produced in 2017 that were in 40-plus story buildings.
23 percent
— of units in 40-plus story buildings that were income-restricted.
Rent regulation in New York City often fails to guarantee affordability for low-income households, with 75 percent of those earning less than 80 percent of the Area Median Income remaining rent-burdened. Furthermore, the system disproportionately benefits upper-income tenants, as 100,000 households earning over 165 percent of the Area Median Income occupy rent-stabilized units, saving them $271 million annually.
Recommendations related to Housing Supply
One way to address this issue would be to eliminate rent stabilization for upper-income households who earn more than $200,000 per year.
Preserving the conditions of regulated units would be well served by providing an incentive for investment and supporting better enforcement of the improvement allowances.
For rent regulation to be more effective, reforms should focus on improving conditions for tenants and making the system better targeted to low-income, rent-burdened households.
Key Data
75 percent
— Percentage of unsubsidized rent-stabilized tenants earning less than 80 percent of Area Median Income (AMI) who were rent burdened in 2017.
100,000
— Number of upper-income households (earning more than 165 percent of AMI) living in rent-stabilized units built before 1974 in 2017.
$271 million
— Annual savings collectively realized by upper-income households living in rent-stabilized units.
80 percent
— Amount by which rent-stabilized units report more maintenance deficiencies on average than market-rate units.
60 percent
— Share of tenants who moved into stabilized units renting for $2,000 or more per month since 2015 that were middle- and upper-income households.
28,000
— Number of upper-income households living in rent-stabilized units that earned more than $200,000 per year.
5 is the number of years Alicia Glen was the Deputy Mayor for Housing and Economic Development under Mayor Bill de Blasio. She joins the podcast to reflect on her tenure as Deputy Mayor, the state of the city in 2014, where it stands now, and where it should be…
Rent regulation in New York City often fails to target those most in need, with thousands of high-income households living in stabilized units and receiving significant annual savings. Reforms should prioritize better targeting of these protections to low-income, rent-burdened households while ensuring incentives remain for property owners to maintain building quality.
Recommendations related to Housing Supply
Any reforms included with the renewal of rent regulation should focus on better targeting its protections to the most rent burdened.
One way to serve this goal would be to eliminate rent stabilization for upper-income households who earn more than $200,000 per year, restoring as many as 28,000 units to market-rate status, which would boost property values, increase property tax revenue, and give the City additional resources to invest in better-targeted housing programs.
Reforms to capital improvement allowances also should maintain an incentive for owners of stabilized buildings to maintain their portfolios.
Key Data
28,377
— households earning more than $200,000 per year who live in rent-stabilized units.
$271 million
— total annual savings for rent-stabilized households earning more than $200,000.
$13,764
— average annual savings per household for rent-stabilized tenants earning more than $200,000.
80 percent
— more maintenance deficiencies on average in rent-stabilized units compared to market-rate units.
45 percent
— of the city's rental housing stock that is comprised of rent-stabilized and rent-controlled units.
107
— units that were deregulated through high-rent/high-income decontrol in 2017.
New York City's property tax system requires a comprehensive redesign to address structural inequities and lack of transparency that distort the housing market. By moving to a market-value based assessment system and adjusting tax burdens, the city can better support the supply of rental housing and provide more equitable tax treatment for residents.
Recommendations related to Housing Supply
The tax burden on income-producing residential buildings should be less than on commercial income-producing property to maintain and boost the City’s supply of rental housing.
Move cooperatives and residential condominiums to Class 1 with one-, two-, and three-family homes to remedy inconsistent treatment of owned homes.
The existing class share system should be eliminated to remove distortions that result in substantially higher effective tax rates for rental properties.
A market value-based assessment system should be adopted and changes in market value across all properties and classes should be phased in over three years to provide stability.
To ease burdensome tax bills, rebates should be provided of owner-occupied residential property taxes based on household income when tax bills exceed a set share of income to replace existing tax reduction programs.
Key Data
4 to 5
— The ratio of effective tax rates for commercial and rental properties compared to owner-occupied homes.
2.25
— The maximum ratio of effective tax rates on commercial properties to owner-occupied homes found in 46 of 53 cities.
10 percent
— The Constitutional debt limit for New York City based on the five-year average of market value.
2.5 percent
— The maximum property tax revenue that can be raised and used for operating expenses, excluding long-term debt.
5 percent
— The threshold of household income that property taxes must exceed to qualify for the proposed circuit breaker relief.
$100,000
— The household income limit for eligibility under the proposed circuit breaker property tax relief program.
New York City faces a severe housing affordability crisis, with 921,000 households paying at least 30 percent of their income in rent and 462,000 households severely rent burdened. Addressing this challenge requires significant state and federal assistance, particularly to repair the city's public housing stock, which faces a $32 billion capital need.
Recommendations related to Housing Supply
Any strategy to protect or preserve affordable housing must include public housing and requires federal assistance.
Any strategy to protect or preserve affordable housing must include New York City’s public housing and requires State and federal assistance.
Key Data
921,000
— Number of renter households in New York City that pay at least 30 percent of their income in rent.
462,000
— Number of families and single adults considered severely rent burdened, paying at least half of their income in rent.
$32 billion
— Estimated cost of bringing New York City Housing Authority units back to a state of good repair.
175,000
— Number of public housing units owned by the New York City Housing Authority.
$24,423
— Average annual earnings for a family living in New York City Housing Authority housing.
$522
— Average monthly rent paid by a family living in New York City Housing Authority housing.
77,651 is the number of affordable housing units financed thus far in Mayor de Blasio’s 10-year plan to construct or preserve a total of 200,000 affordable units over 10 years. Since the Mayor took office, NYC Housing Preservation & Development (HPD) has overseen the commitment of $2.8 billion for affordable…
New York City financed 24,293 affordable housing units during fiscal year 2017, bringing the total number of units financed under the Housing New York plan to 77,651 since January 2014. The majority of these projects closed in the final quarter of the fiscal year, with significant contributions from large-scale preservation deals involving Mitchell-Lama complexes and other affordable housing portfolios.
Key Data
13,490
— affordable housing units financed between April and June 2017
24,293
— affordable housing units built or preserved during fiscal year 2017
77,651
— units financed since Mayor Bill de Blasio took office in January 2014
50%
— of Housing New York projects that closed in the fourth quarter of 2017
New York City's Housing New York plan has resulted in the creation or preservation of 77,651 affordable housing units since 2014, though activity remains uneven across the city. Many neighborhoods with high concentrations of rent-burdened households, defined as those paying more than 30% of their income on rent, have seen little to no development or preservation activity.
Key Data
77,651
— affordable housing units produced or preserved under the housing plan since January 2014.
30%
— share of income on rent that defines rent-burdened households.
In fiscal year 2016, the Department of Housing Preservation and Development exceeded its goals by increasing unit completions by 82% and unit starts by 15% compared to the previous year. These figures reflect the city's progress in expanding the supply of affordable housing as reported in the 2016 Mayor’s Management Report.
Key Data
82%
— Increase in Department of Housing Preservation and Development unit completions in fiscal year 2016 compared to fiscal year 2015.
15%
— Increase in Department of Housing Preservation and Development unit starts in fiscal year 2016 compared to fiscal year 2015.
High land and construction costs in New York City create significant challenges for developing affordable housing, as increasing the required share of affordable units necessitates higher subsidies or rent adjustments. To maximize the production of affordable housing, policymakers should focus on strategies like improving land use efficiency, lowering construction costs, and utilizing cross-subsidies.
Recommendations related to Housing Supply
Options for increasing the efficient use of land, reducing construction costs, and effectively using cross-subsidies should be explored to maximize the amount of affordable housing that can be produced.
Key Data
30%
— The commonly-used threshold for housing affordability used to determine if rents are unaffordable.
High construction costs in New York City, driven by land prices and labor expenses, create significant financial barriers to developing affordable housing units. Consequently, maximizing the production of affordable housing requires exploring strategies to improve land efficiency, lower construction expenses, and optimize the use of cross-subsidies.
Recommendations related to Housing Supply
Options for increasing the efficient use of land should be explored to maximize the amount of affordable housing that can be produced.
Options for reducing construction costs should be explored to maximize the amount of affordable housing that can be produced.
Options for effectively using cross-subsidies should be explored to maximize the amount of affordable housing that can be produced.
Key Data
$30
— Average price per square foot of land in weak housing markets.
$437
— Average price per square foot of land in very strong housing markets.
20 to 30 percent
— Increase in labor costs associated with using union labor in New York City.
$2,500
— Monthly rent required to cover construction costs in the weakest housing markets.
$23,310
— Annual income of an extremely low-income three-person household.
$583
— Monthly rent an extremely low-income three-person household can afford.
New York City's rent regulation system is often misunderstood, as data indicates that 38% of tenant households are rent burdened and that a majority of tenants in market-rate units actually pay affordable rent. Additionally, the number of rent-regulated units is stabilizing rather than rapidly declining, with a net increase in units recorded in 2013.
Key Data
38%
— The percentage of New York City tenant households that are rent burdened when using the out-of-pocket measure.
54%
— The percentage of tenants in market-rate units who have affordable rent.
44%
— The percentage of tenants in rent-regulated units who are rent burdened.
1,087
— The number of rent-regulated units that were added in 2013, indicating the trend is stabilizing.
4,801
— The number of units lost to vacancy/high-rent decontrol in 2013.
6,000
— The number of units added through the 421-a program in 2013.
New York City's housing affordability crisis is driven by a rental-heavy market and a housing supply that has grown more slowly than in other major U.S. cities. While the city's rents are not the highest in the nation, a majority of rental households face burdensome costs, necessitating policies that prioritize increased housing development.
Recommendations related to Housing Supply
The city should implement policy solutions that increase development and the supply of housing to address the affordability crisis.
Key Data
68.3 percent
— The rental share of occupied housing units in New York City, which is greater than every other large city.
5.8 percent
— The increase in the number of housing units in New York City between 2000 and 2012, a growth rate slower than all but three of the 22 large cities analyzed.
3.6 percent
— The vacancy rate in New York City in 2012, which is below the 5 percent 'emergency' level used to justify rent regulation.
51 percent
— The share of rental households in New York City that spent more than 30 percent of their income on housing in 2012.
$41.1 billion
— The total investment required for the Mayor's affordable housing plan to create 200,000 units over the next decade.
New York faces challenges in maintaining its competitiveness due to quality-of-life issues, specifically regarding the affordability of rent and commuting times. To address these concerns and retain talent, policymakers are encouraged to prioritize efforts that stimulate housing development.
Recommendations related to Housing Supply
The city should stimulate housing development to improve its attractiveness as a place to live and work.
New York City's rent regulation system is poorly targeted, often benefiting higher-income households while constricting the overall housing supply and increasing costs for those outside the system. Policymakers should retain protections for low- and moderate-income families while phasing out benefits for higher-income households to reduce inequities and address the city's housing challenges more effectively.
Recommendations related to Housing Supply
The protections now available to low- and moderate-income households should be retained.
The legislature should reduce the inequities and social costs of regulation by phasing out benefits for higher-income households.
State leaders must acknowledge that rent regulation is not the answer to the city's affordable housing problems and shift their focus to better targeted and more effective solutions.
Key Data
60 percent
— of rent regulation benefits accrue to households with incomes below $50,000.
14 percent
— of rent regulation benefits go to households with incomes of $100,000 or more.
$283 million
— is the amount by which property tax liability is reduced annually due to lower rents in the regulated sector.
30 percent
— of households in regulated units see little or no benefit from regulation because their rent is close to or higher than comparable unregulated units.
19.6 percent
— of the 314,027 households without access to government housing assistance have affordable housing.
6.7 percent
— is the portion of all city residents that a household with an income of $175,000 falls into.
Rent regulation in New York City provides significant but poorly targeted benefits, costing the city $283 million annually in lost property tax revenue while failing to make housing affordable for many low-income residents. Future policy should phase out protections for high-income households while expanding more effective, targeted programs to increase the overall housing supply and affordability.
Recommendations related to Housing Supply
Benefits now available to low- and moderate-income households should not be reduced, but the poorly targeted benefits can be removed at an accelerated pace by phasing out regulation for higher-income households.
The long-term contraction in the scope of rent regulation should be accompanied by expansion of other more effective programs to promote affordable housing.
Future policy changes should be designed to retain the benefits of regulation for low- and moderate-income households, reduce the adverse impacts of regulations, and expand and enhance the policy tools available to promote affordable housing.
New legislation should phase out benefits for all high-income households, as regulation of units occupied by such households provides protection to those who do not need it.
Key Data
$283 million
— Annual decrease in the City of New York's property tax revenue attributable to rent regulation.
$1.9 billion
— Estimated annual amount paid in extra rent by 669,000 households in unregulated units due to the market effects of rent regulation.
$5,500
— Average annual rent reduction per housing unit provided by rent regulation based on 2008 data.
$2.6 billion
— Total annual rent discount associated with rent regulation under the assumption that unregulated rents would be 15 percent lower without regulation.
190,000
— Number of housing units removed from rent regulation from 1994 through 2008.
62,000
— Number of units added to rent regulation through tax incentive programs from 1994 through 2008.
Rent regulation in New York City provides significant but poorly targeted benefits, with the total annual rent discount estimated at $2.6 billion. While these regulations aim to protect tenants, they also impose substantial costs, including $1.9 billion in higher rents for unregulated households and $283 million in lost annual property tax revenue for the city.
Recommendations related to Housing Supply
Benefits now available to low- and moderate-income households should not be reduced, but the poorly targeted benefits can be removed at an accelerated pace by phasing out regulation for higher-income households.
The long-term contraction in the scope of rent regulation should be accompanied by expansion of other more effective programs to promote affordable housing.
Key Data
$5,500
— Average annual rent reduction per housing unit provided by rent regulation.
$283 million
— Annual decrease in the City of New York's property tax revenue attributable to rent regulation.
$1.9 billion
— Total extra rent paid annually by 669,000 households in unregulated units due to the effects of rent regulation.
$2.6 billion
— Total aggregate rent discount associated with rent regulation.
190,000
— Number of housing units removed from rent regulation from 1994 through 2008.
Rent regulation in New York City covers over one million housing units, yet it often fails to provide significant affordability for low-income households while simultaneously benefiting many higher-income residents. Policymakers should prioritize targeted assistance for those in need and foster market conditions that improve housing allocation and expand choices for all residents.
Recommendations related to Housing Supply
The Legislature should be cautious about initiatives to extend the reach of rent regulation.
State leaders should think more broadly about ways to better target assistance to lower income households.
State leaders should allow the market to work in ways that better allocate housing and expand housing choices for all New Yorkers.
Key Data
1,045,317
— Number of occupied, regulated housing units in New York City in 2008.
2.1 percent
— Vacancy rate in the regulated rental sector in 2008.
290,000
— Number of households in regulated units where legal regulations do not substantially lower the rent.
5,500 and 9,000
— Annual net decline in the number of regulated units in recent years.
4.7 percent
— Vacancy rate in the unregulated rental sector in 2008.
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