New York City's multifamily vacancy rate is 2.3%, making it the tightest apartment market in the nation. By comparison, the U.S. vacancy rate is 8%. While the need for more housing in New York City is evident, meaningful supply additions are unlikely in the near term, as the mayor's dwindling housing proposal has shown over the past two years.
New York City's goal for more housing continues to shrink
Mayor's original proposal called for creation of a half-million units
CoStar Analytics
December 4, 2024 | 5:58 P.M.
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