AGENCY TESTIMONY
Challenges in the New York City housing market
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ยท
33 sec
Commissioner Park addresses the significant challenges in the New York City housing market, particularly the historically low vacancy rates affecting affordable housing availability.
- The overall New York City vacancy rate is 1.4%, the lowest since 1968
- For households searching for units under $1,100, the vacancy rate is even lower at 0.39%
- These low vacancy rates have ongoing impacts on securing affordable housing for CityFHEPS voucher holders
Molly Wasow Park
0:07:07
Those these record breaking outcomes were delivered to New Yorkers despite a historic low in the city's vacancy rate.
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The New York City vacancy rate of 1.4% is the lowest since 1968, and when we focus in on the vacancy rate for affordable rental units, it is even lower.
0:07:22
For households searching for units under $1100, the vacancy rate was 0.39%.
0:07:28
Those vacancy rates have ongoing impacts on securing affordable housing.
0:07:33
In the face of that challenge, the city and DSS continue to innovate and partner with sister agencies in mobilizing resources to assist our clients.