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Root causes of the housing crisis in New York City

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Council Member Riley outlines the two main causes of the housing crisis in New York City: insufficient housing production and income inequality.

New York City has not built enough housing to keep up with demand, leading to low vacancy rates and increased prices
Between 2010-2020, the city gained almost 1 million more workers but only produced housing for approximately half a million people
Income for most New Yorkers has not kept pace with inflation and rent increases
The number of available apartments for less than $1500 is steadily decreasing

Kevin C. Riley

0:08:42

First, New York City simply has not been building enough housing to keep up with demand.

0:08:48

To put it simple, more people want to live here than the number of available homes.

0:08:54

The statistics are clear, and over the last decade between 2010 2020, almost 1,000,000 more people are working in New York City.

0:09:04

During the same period, the city only produced housing for approximately half a million people.

0:09:11

As a result, the city has the lowest vacancy rates in decades.

0:09:16

What happens when vacancy rates drop?

0:09:19

Prices increase?

0:09:21

2 main people are looking for too few apartments and houses.

0:09:25

The second major cause of the housing crisis is that the income of most New Yorkers has not kept up with inflation and rent increases.

0:09:33

As a result, many of our constituents cannot afford to live in the city.

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To make matters worse, the number of available apartments for less than 1500 is steadily decreasing.

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Even those with existing home face excuse me.

0:09:50

Even those with existing homes face challenges.

0:09:54

For example, their needs might change over time when a tight housing market makes it difficult to meet those changes.

0:10:02

The children of some households have not moved out, and the parents now need physical assistance or help paying for the cost of their house because they are on fixed income.

0:10:14

Other households need more spaces because of the growing families or adult children return to live in the home.

0:10:21

When you put this together, It is clear that the city needs to build more housing, far more affordable housing, and streamlining the city's regulations, governing housing production.

0:10:33

The questions we are here to discuss today is how city how the city should allow more housing to get built.

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Overview of the current housing crisis in New York City

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Concerns about the administration's approach to City of Yes for Housing Opportunity