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
| Sep 15, 2011
New Label Established For Energy Efficient Doors in UK
The British Fenestration Ratings Council (BFRC) has established a labelling program for all types of domestic pedestrian doors.
| Sep 15, 2011
EPA Releases New High-Rise Residential Energy Star Rating
The U.S. Environmental Protection Agency recently announced an Energy Star rating for multi-family high-rise buildings.
| Sep 15, 2011
Bill Seeks To Spur Stronger Building Codes Nationwide
The Safe Building Code Incentive Act of 2011 would provide strong financial incentives for states to adopt and enforce strong building codes.
| Sep 15, 2011
New Federal Law Limits Amount of Formaldehyde in Wood
President Obama signed into law legislation that limits the amount of formaldehyde in wood. The new measure will impact particle board and other composite wood products .
| Sep 12, 2011
Living Buildings: Are AEC Firms up to the Challenge?
Modular Architecture > You’ve done a LEED Gold or two, maybe even a LEED Platinum. But are you and your firm ready to take on the Living Building Challenge? Think twice before you say yes.
| Sep 8, 2011
OSHA issues alert on incorrectly rebuilt circuit breakers
The Occupational Safety and Health Administration (OSHA) has issued a hazard alert, warning workers and employers of certain Eaton/Cutler-Hammer molded-case circuit breakers that were incorrectly rebuilt.
| Sep 8, 2011
USGBC Streamlines LEED EB: O&M
The Council has reorganized the prerequisite and credit structure of LEED EB: O&M.
| Sep 8, 2011
USGBC: 30 Legislative ‘Wins For Green Building’ So Far In 2011
A mid-year report by the U.S. Green Building Council says that there have been “30 legislative wins for green building” across 22 states in 2011.
| Sep 8, 2011
Revised Building Codes Adopted After WTC Attacks Being Implemented
U.S. National Institute of Standards and Technology (NIST) code revision recommendations in the wake of the World Trade Center terrorist attacks are being implemented in new high-rise construction including One World Trade Center, the lead building of the new World Trade Center complex.
| Sep 8, 2011
New Sustainability Standard Addresses Disaster Resistance
To aid local governments to adopt high-performance green building codes, the Portland Cement Association (PCA) and the Institute for Business and Home Safety (IBHS) have developed High Performance Building Requirements for Sustainability 2.0.
