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CRAINS - The overdevelopment myth
August 18, 2014
Many New Yorkers complain that housing development has run rampant across the city, with apartment towers springing up left and right in their backyards. In fact, the opposite is true.
A stunning new report from the Citizens Budget Commission reveals that from 2000 to 2012, the number of housing units in New York City increased by only 5.8%—the weakest growth of the 19 largest cities that added population. The only cities in the study that trailed New York were Chicago, Philadelphia and Detroit, all of which lost population, so outpacing them is meaningless. Despite common sentiment that builders hold sway in New York, the numbers show that housing growth here has been abysmal.