NYC needs to build 700K homes in the next decade to keep up with demand: report

Source: New York Post

Mayor Zohran Mamdani’s administration estimated the city will need to build an eye-popping 700,000 new housing units over the next 10 years to keep up with demand — evens as tens of thousands of affordable apartments sit vacant. The draft report from the Department of Housing Preservation and Development is the first to be released under a 2023 City Council law requiring regular assessments of the Big Apple’s long-term housing needs. Analysts at HPD determined that the five boroughs have an immediate need for 290,000 housing units to address current shortages and ease the city’s measly 1.

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