New Housing Development Pipeline Report

REBNY's New Housing Development Pipeline Report comprehensively tracks New York City's housing pipeline. 

This report is intended to serve as a one-stop shop to identify in more detail what housing projects are planned, being built, and have opened since 2024, when the Governor and Mayor set a moonshot goal of 500,000 new units in a decade.

REBNY will update this report regularly as part of our efforts to advance policies that will address the city's housing crisis and evaluate the effectiveness of existing programs.  

Key takeaways:

• Only 66,162 units have been completed since Q1 2024 — just 13% of the 500k goal.

• The geographical disparity by borough is quite apparent – Brooklyn & Queens account for more than 2/3 (65%) of completions since Q1 2024.

• A significant portion of the housing development pipeline is stalled, with 47,124 units currently in pre-development.

• 31% of units in pre-development (14,419 units) pre-filed more than five years ago, with some of these projects unlikely to move forward with construction. The number of projects in the pre-development stage for more than 5 years has increased by an average of 7.3% each quarter from Q1 2024-Q3 2025.

• The slow pace of housing development from pre-filing to completion has historically been caused by a multi-agency permitting process and discretionary environmental and land use process.

• The housing gap can be partially attributed to the slow adoption of 485x, which the industry has consistently noted will spur less housing than 421a because of the wage mandates it places on larger projects over 150 units in Zones A and B. As of the end of Q3 2025, only 3% of the projects in the NYC development pipeline can be accounted for 485x. [These numbers could improve, but there is little evidence to suggest a significant change necessary to meet our goals or offset years of underproduction.]

• There would be at least 38% fewer units in the pipeline had the industry not successfully advocated for the 421-a deadline extension or 467m program.