When it comes to housing, New York is a literally a tale of two cities.
About half of the luxury-condo units that have come onto the market in the past five years are still unsold. Meanwhile, 80,000 people sleep in New York City’s shelters or in makeshift shelters on the streets. Many of the sleek glass and steel condo high rises were intended for foreign buyers, but the Chinese economy slowed, and declining oil prices reduced demand from the wealthy Russian and Middle Eastern markets. As a result, many multi-million dollar units are empty.
Affordable housing was central to Mayor Bill De Blasio’s administration, but progress has stalled. The reasons: onerous zoning regulations, limited federal subsidies, construction delays, and blocked pro-tenant bills. Over the past 10 years, New York City real-estate prices have skyrocketed. From 2010 to 2019, for example, the average sale price of homes doubled in many Brooklyn neighborhoods.
The New York City area is losing about 300 residents every day, with a lack of housing a major factor. New York isn’t alone among big cities with an affordable housing crisis. Across the country, the supply of housing hasn’t kept up with population growth. Single-family-home sales are stuck at 1996 levels, even though the United States has added 60 million people since the mid-’90s.
Related Stories
| Jan 30, 2012
ZigBee and ISO 50001: Two new standards to make buildings greener
These developments demonstrate the dynamic nature of the market and the continued need for development of program standards of many different types that help builders and owners translate high performance and sustainable buildings goals into practical measures on the ground.
| Jan 30, 2012
New firm-fixed-price rules on federal contracts impact construction industry
Contractors will need to be on the lookout for policies such as the Contractor Accountability for Quality clause.
| Jan 30, 2012
Roofer’s fatal plunge demonstrates need for fall-prevention regulations
“The biggest problem is getting our workers to use the equipment,” says Michael J. Florio, executive director of the organization.
| Jan 26, 2012
Tampa moves to streamlined online permitting system
The system will replace an inefficient patchwork of old software and is designed to provide businesses, homeowners, and contractors with online access to permitting and licensing information.
| Jan 26, 2012
EPA to collect more data, seek comments before finalizing mud rule
The EPA says it will seek more data and is accepting comments until March 5.
| Jan 26, 2012
Industry challenges Connecticut's suit over defective construction work
The dispute arose over multimillion-dollar leaks at the University of Connecticut's law library.
| Jan 26, 2012
Earthquake 'fuse' could save buildings during temblors
The idea is to use an earthquake "fuse" that can prevent the tiny fractures and warps that make structures unsafe after a quake and very expensive to repair.
| Jan 26, 2012
HPD open materials standard for green building materials gains momentum
GreenWizard, provider of a cloud-based product management and project collaboration software, is the latest industry participant to sign on
| Jan 26, 2012
Siemens launches smoke detection knowledge center
New knowledge center web site demonstrates efficacy of smoke detection.
| Jan 18, 2012
Chile's seismic code upgrades credited with saving lives in 2010 quake
Since 1960, when Chile suffered a 9.5 magnitude quake, the largest ever recorded; the country has steadily improved building codes to protect lives and property.
