QUESTION
What does the 1.4 percent vacancy rate signify for New York City's housing crisis, and how does its composition affect the situation?
0:23:52
·
5 min
Ahmed Tigan and Elyzabeth Gaumer address the implications of a 1.4 percent vacancy rate in NYC, pointing to a worsened housing crisis with severe impacts on low-income households, and stress the importance of rent stabilization and legislative action.
- The 1.4 percent vacancy rate signals a worsening housing crisis since the COVID-19 pandemic, especially affecting low-income New Yorkers.
- Low-income households face the lowest vacancy rates and the highest levels of rent burden, intensifying the housing shortage.
- Rent stabilization is emphasized as critical for maintaining low-cost housing, supported by investments in affordable housing.
- There is a call for more action at both state and local levels, including legislative efforts to efficiently build and preserve more housing.
- Elyzabeth Gaumer highlights a dramatic drop in net rental vacancy rates compared to two years prior, especially in the lowest cost units, indicating a rapid and significant change in the housing landscape.
Pierina Ana Sanchez
0:23:52
But starting starting very broadly for for the agency, what what does a vacancy rate of 1.4 percent mean?
0:24:01
And in particular, a 1.4 vacancy rate that is comprised of the breakdown that you just shared.
Ahmed Tigan
0:24:11
If I can sure start with that answer.
0:24:15
And I also want to highlight a couple of other things that I think gets to the question that you asked.
0:24:22
You know, as Doctor Gommer's testimony highlighted from the findings in the 2023 HVS something's very clear.
0:24:31
As the city has emerged from the COVID 19 pandemic, our housing crisis has worsened over the last 2 years.
0:24:37
And New Yorkers are feeling just as multiple fronts as you had indicated in your response.
0:24:42
Too many New Yorkers are experiencing rising cost and are worried about being able pay the rent and many others are unable to move to a new home because of the dearest of low cost apartment to the market.
0:24:54
While the housing shortages felt by all households.
0:24:57
Low income households feel this the most deeply.
0:25:00
They face the lowest vacancy rates amongst homes.
0:25:02
They can't afford and experience the highest levels of rent burning.
0:25:06
So this brings us to the important role of rent stabilization housing in our city.
0:25:11
Strong rent stabilization system coupled with our unparalleled investments in affordable housing has helped ensure that we have as much low cost housing as we do and has helped many New Yorkers remain in their homes and exercise the choice to stay in the neighborhood.
0:25:28
Rent stabilization supports our work in affordable housing.
0:25:31
The housing we finance is rent stabilized in exchange for our public investment.
0:25:36
And provides an extra layer of protection for those renters.
0:25:40
HPD is focused on advancing our pipeline of deeply affordable housing projects preserving our remaining stock of low cost and affordable housing and supporting critical efforts to build more housing citywide.
0:25:53
However, we do need more to address the need and it requires action and partnership for both the local and state levels.
0:26:00
To address the issues and the findings that you see in this survey.
0:26:04
So with this year's state legislative session will full swing, we urgently need action from our partners in Albany to enact housing agenda to allow us to build and preserve more housing efficiently.
0:26:16
Effectively and equitably.
0:26:19
At the local level, we need to work hand in hand to maximize all avenues for housing development, including but not limited to, but affordable housing development.
0:26:28
And we need the support of the city council to continue to advocate for and champion new housing across every borough.
0:26:35
In every neighborhood in our city.
0:26:38
We are thankful for speaker Adam's leadership and his council support in passing the fair housing framework law, which is a consequential step towards ensuring every neighborhood contributes to building more housing, including low cost and affordable housing in our city.
0:26:53
In passing the city of yes housing opportunity, the city council can take a monumental next step to unlock housing opportunity city wide and helping us fulfill the spirit of the fair housing framework law.
0:27:05
At the same time, we must continue to invest in and preserve our limited stock of low cost housing to preserve further exacerbating the existing housing crisis.
0:27:14
So in focusing on the findings and focusing on the legislation that we're here to discuss, the net rental vacancy rate is less than 5%, a preconditioned to a finding of housing vacancy.
0:27:27
That is what the survey has shown us.
0:27:30
We have provided information about the supply, condition and continued need within our housing stock.
0:27:36
We shared data indicating that many of our neighbors, especially Low Income New Yorkers, are struggling to remain stably housed in our city.
0:27:43
We look to the council to determine whether we remain in the state of housing emergency and turn the future of our rent stabilized and rent controlled housing stock.
0:27:52
And I'll turn over to Doctor Gommer to go further.
Elyzabeth Gaumer
0:27:58
Thank you.
0:28:00
I think of all of the findings from the 23 survey, the net rental vacancy rate is is very telling of how dramatic some of the changes are that we've seen in a relatively very short period of time over this 2 year period relative to our 21 survey.
0:28:18
The net rental vacancy rate of 1.41 percent is certainly dramatically lower than it had been just 2 years prior.
0:28:25
But I think it's also important to note where there has been consistent findings across both of those surveys, and that is a dramatically low shortage.
0:28:35
Or a very large shortage of the lowest cost units.
0:28:39
All of those with rents below the median of 16.50 continue to have a net rental vacancy rate of less than 1%, the same as in our 21 survey.
Pierina Ana Sanchez
0:28:51
Thank you, Doctor.
0:28:52
Gommer.
0:28:53
Thank you, 1st deputy.
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Elyzabeth Gaumer, Chief Research Officer at the NYC Department of Housing Preservation and Development on the 2023 New York City Housing And Vacancy Survey Findings
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How is the vacancy rate survey conducted by NYC's Department of Housing Preservation and Development (HPD)?