Record Housing Growth in NYC

By Y.M. Lowy

The Department of City Planning shared updates on housing production in New York City. In 2024, New York City achieved a significant milestone in housing production, completing 33,974 new homes, the highest number since 1965! Since 2010, 2,344 construction projects have been reported in Boro Park, with 166 taking place in 2024 alone.

However, only 15,626 new homes of the total 33,974 were built with permits. This discrepancy highlights the critical need for policies that encourage the construction of new housing and also streamline the permitting process. 

To address these challenges, the city enacted the “City of Yes for Housing Opportunity” plan in 2024. This initiative aims to add 80,000 new homes over the next 15 years by implementing comprehensive zoning reforms. Key changes include allowing additional housing in basements and above commercial establishments, modifying off-street parking requirements, and permitting apartment construction on single-family lots. 

The Department of City Planning’s goal is to keep improving housing affordability and availability throughout NYC.