New Rental Housing Production Inches Even Lower in Latest REBNY Analysis of New York City Foundation Plan Applications

Multi-Family Foundation Plan Applications Through November Contain Only 9,626 Proposed Units, Well Below the 50,000 Units Needed Per Year to Keep Up with Job and Population Growth

NEW YORK, NY– The Real Estate Board of New York (REBNY) today released its November 2023 Multi-Family Foundation Plan Application Report. This report reviews applications for residential building foundations submitted by developers to the NYC Department of Buildings (DOB), providing a helpful indicator for upcoming housing production.

The report notes that there were 19 filings for project foundations in New York City in November, a slight decrease from 21 filings in October. The 19 filings in November represented a total of 557 proposed dwelling units, compared to 1,902 in October.

November’s findings continue the trend of persistently low numbers that began in June 2022 following the expiration of 421a. The first eleven months of 2023 posted an average of 24 initial foundation filings per month, which remains well below the monthly average of 55 in 2022. The 9,626 proposed units through November 2023 are 79% lower than the total proposed units seen in the first 11 months of 2022.

There was one filing for a new building with more than 100 residential dwelling units in November, down from five in October. This residential project at 3541 Shore Front Parkway in Rockaway Beach, Queens accounted for 318 proposed units, or 57% of all units proposed for the month.

“New York City will likely finish 2023 close to 80% behind yearly production goals for new rental housing, which are necessary to keep up with population and job growth. Without support from elected officials for new development incentives, there is no reason to expect 2024 will be any better,” said REBNY Senior Vice President of Policy Zachary Steinberg. “This failure to support new development will impact all New Yorkers, making it more expensive and competitive to rent a home and less attractive to grow a business in our city.”

The full November 2023 Multi-family Foundation Plan Application Report, including additional analysis on foundation applications broken out by building size and geography, can be downloaded here.

Tracking foundation projects supplements REBNY’s quarterly Construction Pipeline Report, which examines new building job application filings submitted to DOB. Since this report tracks multi-family foundation filings rather than new building filings, it provides an additional perspective on the overall state of housing development activity. New building filings generally precede foundation filings by a period of at least several months, or possibly longer if the project is not able to proceed to the construction phase.

For more information about REBNY research reports, visit https://www.rebny.com/research-and-reports/

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The Real Estate Board of New York (REBNY) is the City’s leading real estate trade association. Founded in 1896, REBNY represents commercial, residential, and institutional property owners, builders, managers, investors, brokers, and salespeople; banks, financial service companies, utilities, attorneys, architects, and contractors; corporations, co-partnerships, and individuals professionally interested in New York City real estate. REBNY conducts research on various civic matters including tax policy, city planning and zoning, rental conditions, land use policy, building codes, and other city, state, and federal legislation. REBNY regularly publishes market data, policy reports, and broker surveys. In addition, REBNY provides for its members: informational, technical, and technological resources; networking and charitable service opportunities; qualifying and continuing education courses; professional education programs, seminars, and designations; career-changing awards; legal advice; and a wide range of additional member benefits. For more information, please visitwww.rebny.com.

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Chris Santarelli

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